Buying a home is one of the most significant financial expenditures most people will make in their lifetime. While buyers frequently focus on obtaining financing and scheduling inspections, the title search is an essential piece that should never be missed. A title search is commonly part of the closing process, which our team at Bright Law, PLLC, can assist with. Keep reading to learn why a title search matters when it comes to real estate closings.
Real Estate Closings: Why Title Searches Matter
- Uncovering Liens and Encumbrances: A title search can identify unpaid debts associated with the property, such as mortgages, tax liens, and contractor liens. If these issues are not addressed, the new homeowner may be held liable for their resolution.
- Prevents Ownership Disputes: Errors in public records, fraudulent transactions, and unknown heirs can all pose challenges to homeownership. A title search identifies any issues before closing, ensuring that the buyer is purchasing a home with undisputed ownership.
- Ensures Legal Use of the Property: Some properties are subject to easements or zoning restrictions, which may limit their use. A title search reveals these facts, allowing buyers to make more informed decisions about their next step.
- Protect Your Investment: Buying a house without a title search might be risky. Buyers who do not verify ownership risk facing costly court fights to defend their claim to the property.
A title search is a simple yet important step in real estate closings. It gives you peace of mind, knowing that your dream home is free of legal issues. Contact our team today if you’re in need of a real estate attorney or have questions about the title search or closing process.