6 Reasons you Should Conduct Land Title Search
Conducting a property search is crucial before buying or selling real estate, as this might help you discover things that would’ve hindered the transfer of the land title deed. A title search can find many problems that could keep a property from being marketable, such as a break in the chain of title.Below are the things a title search will be able to uncover:A break in the chain of title occurred when someone who didn’t own the property conveyed it: thus preventing the current owner from having a clear title.
A bankruptcy by the current owner, causing ownership to be unclear: This will help you know if the deal you are getting into is legit.
In a situation where the property is occupied by someone other than the owner, the death of the actual owner would cause someone else to claim ownership of the house during probate.
Town zoning ordinances preventing your desired use of the house, such as not being able to have a home business.
Judgments against the owner, which could result in liens being added before the sale.
Claims by neighbors about ownership of part of the land are often the result of a property survey.
Conducting a title search acts as proof enough that you are indeed the owner of the land and prevents third parties from claiming to have ownership of part of it.
Local permits on the property that could “cloud” title or prevent conveyance of a clear title, such as a permit that allows the electric company to install power lines or towers on your property.
Pending divorce proceedings, in which a spouse could contest the transfer of the property.
It prevents code violations, which are basically instances where a building or structure fails to meet the minimum safety standards set by the local government.
These standards are put in place to ensure that buildings are safe for human habitation and use.
By conducting a title search, you become certain that the building code violations have been adhered to.
Peace of mind
Purchasing a home is a major decision, and it can often be one that causes anxiety and overthinking.
If, however, you make your purchase with careful research and planning, you’ll have much more peace as you transition into a new phase of your life.
A thorough title search and title insurance give homeowners the assurance they’re looking for before they make a major purchase. It can help you feel confident that any major ownership problems that arise.
