Business transactions typically involve many critical, but easily overlooked details that determine the success or failure of the entire process. When it comes to buying or selling real estate, this is definitely the case. If you’re involved in a property transaction from either standpoint, you must ensure that the transaction is done the right way.
The title search is one of the key elements that needs to be expertly handled. The following post takes a closer look:
The Title Search Process: The Unsung Hero of Your Transaction
The title search process is one of the most important parts of obtaining title insurance for homeowners. It is also one of the parts of buying a home which real estate agents, home buyers, loan officers and mortgage brokers often know the least about. The more you understand it, the easier the closing process is, and the more appreciation everyone in the transaction has for how it protects them, their buyers, sellers, and assets.
Whether you need a lender’s title insurance policy, owners’ policy, or both, or you just want to make sure a property has clear title before starting the sales and purchase process, it all begins with a search of the public records. Read more at End Point Closing…
A title search is the key to many insurance policies related to the property and should, therefore, be done thoroughly.
So, what exactly is a title search? The following post explains it in detail so that you are not guessing anymore:
What is a Title Search
A title search is an examination of public records to determine and confirm a property’s legal ownership, and find out what claims are on the property.
A title search is usually performed by a title company or an attorney, often on behalf of a prospective buyer who may be interested in making an offer on the property. The process may also be initiated by a lender or other entity that wants to verify ownership of the property and determine what claims or judgments against the property may exist before approving a loan or other credit that uses that property as collateral. Read more at Investopedia…
Basically, a title search process can be initiated by different entities but in all cases, it must be done using public records.
Once a title search has been done on a property, you can then get title insurance, an important document that protects you from numerous possible problems, as described here:
Title insurance is a policy that protects those rights against possible future claims. This insurance protects against various potential issues, such as forged deeds, instruments executed under an expired power of attorney, deeds by minors, defunct corporations, mistakes in indexing or recording legal documents, and prior liens that have not been released.
When a title company does their search, they are verifying that none of these items exist. If they happen to come up later, title insurance can offer protection against the losses incurred. Read more at Chad The Leader…
In essence, a title search not only gives you the green light to pursue a property purchase, but it also helps you to protect your property from future issues. That’s why you need to work with a competent attorney to get this thoroughly done.
Meek Law Firm South is the law firm to consult if you need your title search done flawlessly. Attorney Jonathan Meek is licensed to represent clients in both North and South Carolina real estate closings. You can reach him at (704) 800-5901 or use the contact form on our company website.