If you are considering selling a piece of property, the smart thing to do is get the property title searched. This will ensure your rights to sell the property legally. You don’t want to get stuck with a piece of property you can’t sell. A property title search will identify any encumbrances on the land that might be a hurdle in selling it, like easements and deed restrictions. In this piece, we’ll answer all your questions: What is it, who does it, and how much does it cost?
What Is A Property Title Search?
A title search is an examination of a property’s title history. It involves looking at all documents related to the property and comparing them against each other. This ensures that no one else has any claim on the land or has made a mistake with their paperwork. A title search aims to ensure that all legal requirements are met when selling or buying a piece of real estate. A title search also helps people avoid mistakes when acquiring property titles, which might result in costly lawsuits.
Purpose of a Property Title Search
A property title search aims to confirm that the seller is the legal owner of the property being sold. It also provides information on any liens or claims against the property. A real estate attorney, Title Company or other licensed professional may perform a title search. A title search can reveal any past issues with ownership or debt obligations that have not been resolved.
How Is A Property Title Search Done?
A title company or insurance company can do a property title search. The results of this search will be provided as an affidavit and presented to you before you close your purchase. If there are any problems with your title, you will be notified and given options for resolving them before closing on your purchase.
Who Conducts The Property Title Search?
A title examiner conducts the property title search. In most states, the title examiner is a licensed attorney or paralegal the county has appointed to search.
How Can You Interpret The Report?
The title search report gives you the information you need to determine if a property is available for sale. The report will list the following:
- The current owner of record.
- The property’s address and legal description (lot and block number).
- The last transfer date was usually when the property was purchased.
- Any liens or other encumbrances on the property.
You should get a report copy before making any real estate agent or broker transaction. This way, you can avoid any frauds and scams.
Cost Of Conducting A Property Title Search And Who Pays For It?
The cost of conducting a property title search can vary depending on the level of search you need, the company you use, and even where you live. Title searches are usually priced in two ways: by volume or by type of search. For example, some companies offer an inexpensive “property abstract” that only shows basic information about who owns a property and its most recent sale price. While others will provide an extensive “title report” that includes historical deeds and other documents related to the house’s legal status over time. The average cost for a standard title search (such as the one most lenders conduct) can vary depending on the type of property, complexity, and extent to which the title search needs to be completed.
In the end, you’ll want to consider several factors when deciding whether or not a title search is suitable for you. But ultimately, if you have doubts about the title to your home, land, or property, it’s best to err on caution and consult with a professional. And that professional can provide all you need to know for your specific situation.
Hiring a Title Search Company, such as Arizona Research & Retrieval Services, is the only way to guarantee you have all the correct information in your possession when making an important real estate decision.