Purchasing your own home is a wonderful life event, but the excitement is sometimes dampened by the stress of completing all of the essential steps. It can be difficult to remember, but all of these measures are for your and your lender’s protection. If you are considering purchasing a house, schedule a free initial consultation with a real estate attorney and get professional help.
What is a title search?
The word title search refers to the investigation of public records to establish and confirm the legal ownership of a property. Many sources are used to do title searches, including deeds, court judgments, tax liens, and property records. Searches, which title companies typically perform, can be ordered at any time by people or businesses to determine what if any, claims or liens exist on the property in question. Any real estate transaction must be completed with a clear title. The transaction cannot be finalized if a title search reveals a lien on the property.
Why are title searches important?
Some of the reasons why a title search should never be overlooked are:
- It helps verify the current owners and anyone else.
The primary reason for conducting a title check is to ensure that the existing sellers are, in fact, the legitimate owners of the property. You will also be able to discover how many times the property has been sold. This could raise red flags if it has had several owners in a short period. It will also produce any other names associated with the residence.
- It can confirm the legal description and the property identifier number (PIN)
Confirming the true legal description and its associated PIN is a critical legal step. A survey is also good for observing the site and property lines.
- It can help determine if there are any bylaws registered to the property.
Another key reason for conducting a title check is to determine whether the house is subject to any bylaws, such as the home having historical significance, which would mean you couldn’t renovate particular aspects or change the home’s appearance; it’s protected by law. Is the house completely residential, or is it permitted to have some business use? Can you divide the land or property? Is it possible to rent out your basement? It is ideal for learning about any bylaws before purchasing so that there are no unexpected problems.
Talk to a professional today.
If you or a loved one is purchasing a house, you need the best legal help to ensure you are not making any mistakes. Schedule a consultation with an experienced real estate attorney today and get the help you deserve.