What is the Need of Property Title While Buying or Selling a Property?

by Nicholas Welch Marketing Consultant

The property title is a legal documentation which offers specific information about any property.  When, it comes to buy or sell a property, checking title search is one of the most important steps in it. Most of the buyers may do not have much information about title search and they ignored this step. But, searching a title search is very important to avoid any further issues in the property.  Although, most of the minor problems can be easily solved with property title but for this we need to understand what we expect from it. 

 

·         Claim for the Title

 

The title investigator will check the claims in the title which can affect the purchase. The property search includes land records of previous years and property public records. You might not believe but around one third of all title searches discover some of the issues like:-

 

1.    Previous owner do no pay for local or state taxes

2.    Contractor was not paid for the completed work

3.    Mistakes or omission in deeds

4.    Forgery

5.    Undisclosed  owners or conflicting wills

 

·         Solving Issues With Title

 

If you found that property owner has ownership with another party then it is important that all owners should sign the closing documents before preceding the selling process. Outstanding judgments or delinquent taxes need to be cleared before receiving the property title.  

 

A search is also useful for getting information about easements, rights of way and restrictions which could restrict your use of the property. It is good to review the document before closing and ensure that you should understand it’s any potential effects. 

 

·         What Happen To The Title When You Sell Property?

 

When seller sells his/her property, the title ownership will transfer to the buyers. The party will get a copy of new property title after few weeks of closing. This indicates that they are the owners of the property from now and you have no right to claim for it. The title you have is now invalid.

 

·         Where You Can Find Your Title?

 

If in case you lose your title then you don’t need to worry. You have an option to get it from clerk’s office at the county courthouse where the property is positioned and request for the copy.  However, you also have another option to get your property title and property tax records which is online portal.

 

There are many websites available on internet from where you can search for property public records, title and other important information that prove highly beneficial at the time of buying or selling any land, property or home.  It mean, online property search will provide all the relevant information including taxes, HOA liens, personal liens, judgment liens and many more.

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Created on Feb 18th 2019 05:12. Viewed 510 times.

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