Purchasing a property, residential or commercial, typically involves numerous steps. As such, you and other buyers may seek to cut out unnecessary ones.
Although it seems to many a cost you need not take on, conducting a title search plays an important role in real estate purchases. Therefore, it benefits you to understand what a title search entails and the benefits that it offers you.
Looking for public records
According to Realtor.com, conducting a title search involves looking for and reviewing public records associated with a property. This includes looking for land records, deeds, tax liens and court judgments, among other records associated with the legal ownership of a property at county courthouses, court clerks’ offices and such sources.
Protecting potential buyers
To successfully purchase real estate, the land typically must have a clean title. This means no creditors or others have outstanding liens or claims on the property. The outcome of the title search often provides helpful information in deciding if you do in fact wish to go through with a purchase. For example, while a seller may resolve some issues quickly, others take time that may put your loan commitment at risk. Knowing about the problems gives you a possible out before you jeopardize yourself, your financing or your investment.
Knowing where to look for the right records and accessing them sometimes carries challenges. Rather than taking on this important task on your own, then, you may consider working with a legal representative or other professional to ensure you discover all the pertinent information relating to the property you intend to purchase.