Things to know about property title search
A property title search is a crucial step in real estate transactions, ensuring the legal transfer of ownership and uncovering potential issues. Traditional Abstract provides property title search in Bethlehem, PA, Allentown, Lehigh Valley, Nazareth, PA, Easton, PA and surrounding areas.
These are the key things to know about a property title search:
- Definition and Purpose
A property title search is a review of public records to verify the legal ownership of a property. It helps identify any liens, claims, or encumbrances that could affect the sale or transfer of the property. The search ensures that the seller has the legal right to sell the property and that the buyer will receive a clear title without any unexpected legal obligations.
- Documents Reviewed
The title search involves reviewing various documents, including deeds, mortgages, property tax records, and court records. It also checks for issues like outstanding loans, unpaid property taxes, judgments, or easements (which give others the right to use the property).
- Who Conducts It?
A title search is typically conducted by a title company, real estate attorney, or a title abstractor. These professionals have expertise in navigating public records and identifying potential legal issues related to the property.
- Common Issues Found
During a title search, common issues that may arise include:
Liens: Claims against the property for unpaid debts (e.g., unpaid taxes or contractor bills).
Easements: Rights of others to use the property, such as utility companies.
Ownership disputes: Conflicts over who actually owns the property.
- Title Insurance
Based on the results of the title search, a buyer may choose to purchase title insurance. This protects against future claims on the property and ensures compensation if any hidden defects in the title arise after the sale.
- Importance in Closing
A clear title is essential for completing the transaction. The title search provides confidence to both parties that the sale is legitimate and free from legal complications.
Please reach out with any questions you might have, and we will be happy to help.
