Things That Title Insurance Can Uncover and How to Deal With the Findings
There are several big decisions we must make in our lifetime, and buying a home is one of them. This decision needs to be considered carefully and must be carried out with caution. Buying a home, property or piece of land is one of those big decisions that usually requires a substantial investment, not to mention that there are several processes that need to be fulfilled in order to ensure that your assets are protected. Title searches and title insurance are part of that process and must be carried out with a satisfactory result in order for the sale to be beneficial for all parties. In our previous post, we discussed the importance of a title search and why it might be best to leave this to the professionals, but today we want to discuss this a little deeper and explain some of the findings that a title search can uncover and what is the best way to deal with these situations.
What Is a Title Search?
The title of a property displays the ownership of such. A title search is as the name itself states, an investigation of the title to a property. The person who is trying to sell a property must have legitimate authority over the property in order to sell it. Otherwise, you would be buying a property from an unlawful owner and, therefore, would not own anything even if you paid a fair price for it. The owner may not even be aware of the defects of the title as many can be problems in the chain of previous title holders. In some cases, there are missing links in the chain that can lead to doubtful ownership of the title while other times there are problems in the record of the title due to a mistake in the records.
Title Searches Find Defects, The Group Guaranteed Title Helps You Deal With Them
Any defect can become a more significant problem if not adequately dealt with. Only a professional title insurance company can help you properly handle the situation and take the right steps towards a solution. That is why at The Group Guaranteed Title, we conduct the most thorough title searches and are always ready to provide answers and solutions to most title search findings, along with coverage for those unexpected unknown previous problems. Contact us immediately and learn about all our services and how we can help your purchase be a smooth and secure process.
What Can a Title Search Show?
A title search looks for any defects in the title. These may show up in the chain of titles, even those many years back. The title search should also display any debts, claims, liens, unpaid taxes or outstanding mortgage balance along with any other easement that may be attached to the property. A defect in the title could mean anything from the name of a previous owner being spelled out wrong, leading to doubtful legal standing, to an unknown lien placed on the property. Liens are usually debts attached to the property when the owner does not pay them. The most common tend to be those placed due to an unhappy contractor that did not receive full payment for the repairs done the home.
Every aspect of a title search is important as it lets you be well aware of all the legal problems or defects that the property has. If you purchase the property ,as the new owner, most of these legal problems would be transferred to you and you would be held responsible. Title searches make you aware of these issues and allow the current owner to deal with them before transferring the property to you. Another benefit is that these issues can be taken care of beforehand or avoided altogether. In a few cases, the title search may reveal so many problems with the legal standing of the property that it might be a red flag to not continue with the purchase and go with your second option.
However, with the services of an experienced title company, there are many smaller title problems that can be dealt with and taken care of in time, in order to continue with the sale in a safer more conscious manner.
The Best Title Insurance Agency in Loveland
At The Group Title, we are dedicated to providing you with the most efficient title services to complete your property purchase in a more effective and fulfilling manner. We want you to be sure that your money is being properly invested, and our title services and title insurance can help ensure this objective. Call us now at (970) 613-4364.