The home buying process is complex partly because of the many steps that come between finding the right home and being able to close on it. During the process, you will likely make an offer on the home.
After the offer is accepted, a title search must be done. A title search helps the mortgage lender find out if anything in the title needs to be addressed.
Reviewing historical data
The title search involves going through all the historical data on the home. This includes every sale of the home, as well as transfers.
Prevention of ownership questions
Because every transaction related to the ownership of the home is reviewed, the title search can let you know if the current seller has the right to sell the home. If the seller does not have that right, the sale of the home cannot take place unless the title records are updated to reflect the seller as the current owner.
Information is unearthed
Various information can be unearthed during a title search. The information could be related to property boundaries, unsettled liens or unpaid taxes. This is valuable knowledge when you are considering on a home to purchase because such circumstances can come back in the future with less than favorable consequences.
Ultimately, when you are purchasing a home, you should protect yourself by making sure the title is as represented. If you discover the title is amiss or that there is something else wrong, then it is crucial to have a specialized real estate attorney on your side.
