Things to Know About Title Search
A title search is a crucial step in real estate transactions. It involves examining public records to confirm a property’s legal ownership and uncover any claims, liens, or issues that could affect the sale. Traditional Abstract offers title search in Lehigh Valley, Allentown, Bethlehem, PA, Easton, PA, Nazareth, PA and surrounding regions.
- What Is a Title Search?
A title search reviews public documents like deeds, tax records, and court filings to ensure the seller has the legal right to transfer ownership. It identifies problems such as unpaid taxes, outstanding mortgages, or easements that could limit property use.
- Who Performs It?
Typically, a title company, real estate attorney, or escrow agent conducts the search. Their goal is to provide a clear title—meaning there are no legal questions about ownership.
- Why Is It Important?
A title search protects the buyer from future legal disputes. Without it, buyers might unknowingly take on debt or legal obligations tied to the property.
- Common Issues Uncovered
Some common title problems include:
Liens from unpaid bills or taxes
Judgments from lawsuits
Ownership disputes or forged documents
Restrictions from homeowners’ associations or zoning laws
- Title Insurance
After a successful search, buyers often purchase title insurance. This protects against hidden issues missed during the search, offering peace of mind and financial protection.
- Timing and Cost
A title search usually takes a few days to a week and can cost between $100 and $400, depending on the state and complexity.
- What If Problems Are Found?
If issues arise, they must be resolved before closing. This might involve paying off debts, clarifying ownership, or renegotiating terms.
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