Buying a home is a major financial decision. Home inspections ensure your investment is worthwhile by identifying problem areas in need of repair. However, there are steps homebuyers must take to assess a property before closing on the deal.
Property title searches look for hidden issues within the home’s title. This includes a number of problems that could cost you a lot of money to remedy. Additionally, any existing title issues will be your responsibility upon purchasing a home.
How is a title search performed?
Title searches are rarely cut and dried. Reviewing numerous documents ensures there are no existing title issues, including tax liens or unpaid contractor fees. The person conducting the title search will look through court and financial records, including documents related to bankruptcies and divorces, property deeds and county land records, among other types of information.
When are they necessary?
Title searches usually take place after the seller accepts your offer. Sellers may also choose to have a search conducted before attempting to sell their properties. This ensures no issues will arise with the title when the deal is already in place. Depending on how serious the title issue is, you may refuse to go through with the real estate transaction.
Who performs title searches?
Anyone can perform a title search, including home sellers and buyers. However, a comprehensive search is necessary to identify all possible issues. For this reason, you might choose to work with a real estate attorney to make certain the results are as accurate as possible.