Title Search Services: What it is and how it can impact property ownership?

Congratulations on locating a new property for you but, the excitement of purchasing property may sometimes be overwhelmed by the pressure of successfully executing all the requirements, from the offers to the closing, to the satisfaction at the end. It can be challenging to keep all these in mind, but all these processes are just precautions for your protection. Though there are many steps involved in buying a property, everyone should know what steps you should take to protect not only you but also your investment for the nearest future. One of such essential steps to be performed is to conduct property title search services. It is always recommended to approach a title service provider to avoid any kind of ownership issues in the future. Here, you will get all details on what is a property title search, why it should be done, and how it can impact property ownership. Then, what are you waiting for? Start exploring below!

A title search - What it is?

• Simply put, a title is a bundle of rights in real estate property and a title will determine the ownership of the property.
• A title search is a process done to protect the buyer by ensuring that they own all the rights to the property that they are paying to buy.

Why a title search is a must for a property before buying?

• Without a proper title search, buyers cannot be subject to claims that are claimed by the persons holding liens or encumbrances against the property.
• Also, they can find whether the person intending to sell the property has made a fraudulent transaction that had no right to transfer the title.
• A property title search service will ensure that the property is completely free from all liens, tax liabilities, judgments, and mortgages.
• Based on the results of the title search, the buyer can decide whether move forward with obtaining the title insurance to protect the property against all title issues not reported publicly or to negotiate with the sellers to clear up the issues.

Types of title search services

Various types of title searches are available and they are as follows:

• Current owner search – This type of title search is done to search for the details of the present title holder and the latest deed consideration. This search is done by searching from the current date backward. This search report includes the details on the vesting deed, current tax status, open mortgages, liens, county assessment information, judgments, and legal descriptions.
• Two owner searches – Two owner search is performed for the last two owners in the chain of title of the subject property by searching from the current date backward. This reports the details on the vesting deed, current tax status, open mortgages, liens, county assessment information, judgments, and legal descriptions.
• Full search – Detailed full search will be performed on current and previous owners that includes all the names on the chain title including the liens and judgments for all owners. The report will be including all the defects, liens, and encumbrances available on the property.
• Update search – Performed on the subject property from the date of the last search to the current date right before the closing process. All processes will be recorded completely and a report will be provided on all the documents.
• Deed search – This title search is done to check the full value deed to start the search and provide the chain of title.

Top reasons why a title search is important before purchasing a property?

Finally, you would have found your dream property but, before signing in and sealing the agreement, it is a must that you have to undertake property title search services. Approaching a title search service company and conducting it is the biggest protection that you can give for your property and investment. Still wonder, following are the reasons why it is important.

• To verify and validate the current owner
• To confirm the true property ownership
• To confirm the actual legal description
• To confirm the property identifier number (PIN)
• To check whether there are any easements existing on the property
• To find out if the property has any bylaws registered against the property
• To check if the property owner has bought any existing or pending liens/mortgages against the property

Conclusion

Thus, a title search service is a key piece of the property purchasing process. Performing a title search will help you get a complete and clear history of the property and if negotiated, you may get a chance to face the negative consequences that affect your rights to the property owner. With a proper title search, the buyer can be able to move forward in their buying process with assured and safe property ownership for their future! Still, if you have any doubts, contact Indus Abstract Services, LLC and we will help you with the appropriate title search solutions.

Indus Abstract Services, Llc and we will help you with the appropriate title search solutions.