3 Essential Things To Know About Title Search Services
The sole purpose of getting a title search when buying a home is to ensure that the seller owns the property that he or she is selling to you. The house that the seller advertised should belong to him or her, but there is a chance that it may not. To avoid problems with the purchase of a house, you will have to get title search services on the home. Here are a few things you should understand about title services when purchasing a house.
The Process of Researching a Title
To get a title search completed, you will need to hire a title company or a real estate lawyer. Both professionals can do this for you and retrieve the same results. During a title search, the company performs a background check on the property to find out ownership rights. The steps needed for this generally involve researching title and deed records through the local courthouse. The process is not complicated, but it can take some time, and you want to make sure they perform it thoroughly.
What You Can Learn About the Title of a Home
As mentioned, a title search is primarily designed to find out who owns the house you are buying. The title search that the company performs will result in an answer to this question. It will show if the seller of the home really owns it, or if someone else has property rights to the house. You will also find out the lienholders of the property. A lienholder is anyone who has rights to the home. The most common lienholder of a property is the mortgage company that issued the loan to the owner of the house. There may be other lienholders, too, though, and you will need to know this when buying a house.
The Protection You Can Receive Through Title Services
After the company completes the title search process, they can sell you an insurance policy that guarantees their work. If a problem with the title arises in the future, you will not have to pay to fix the issue because you would have insurance coverage for this purpose.
Getting a title search completed is a standard step in the home-buying process. You do not have to complete this step if you are paying cash for a house, but you still should. You can avoid a lot of problems by getting this done. To learn more, talk to a company that offers title search services or talk to your real estate agent.
