What is a Title Search & How Does it Impact my Closing in Ohio & Florida?
Expedient Title: We close anytime, anywhere!
Part of a title search is the process of investigating the property’s ownership history. It’s an essential part of the home buying and selling process, and it can also have a significant impact on getting a mortgage, should issues arise. A title search will show you if there are any violations of Association covenants and bylaws, liens, mortgages, or other legal encumbrances on the property. It’s also helpful if the seller attempts to resell the home for a profit. The title search process varies by state.
Title Search Process
The search process varies depending on your State and local municipality, but it will most likely include the following:
Inspection the public records to confirm the seller’s legal description of the property is accurate. This can be done by inspecting a physical copy of the deed or by obtaining an electronic copy online in most counties.
County tax records are also examined, including any delinquencies and homestead or agricultural exemptions. This information is used to provide a tax proration on your final Closing Disclosure. Other public records examined include restrictions, easements, oil and gas leases and any other non-lien encumbrance affecting the property, as these transfer with the property to the new owner.
Finally, and most importantly, the public indexes are examined for any and all liens attached to the property. These included mortgages, judgments, as well as federal, state and local tax liens, some of which attach to after acquired property, so it is important to have the buyer’s name searched during the examination process. A thorough title search and examination, done by an experience title examiner, and title agent is vital to the buyer receiving clean title to their new property.
How Does the Title Search Impact my Closing
A title search can help you close on time (or at all) by revealing any title issues against the property. Depending on your state, you will be able to complete the transaction sooner if you have no issues with the property and you can prove it to the lender. In some states, you can also close on the seller’s terms if you have no issues with the property. This can save time and money and reduce stress by getting the deal done without worrying about the title to the property.
The title search may also indicate any special zoning or other restrictions on the property. This information is crucial because it tells you how much work needs to be done to get the property ready for new ownership, and it can help you negotiate the contract with the seller if changes are necessary.
Conclusion
Who chooses the title agency varies from State-to-State, and even localities in each State. However, this choice is most often spelled out in the purchase contract. Consumers often do not realize they have a say in this decision and simply go with the title agency recommended by their Realtor or lender. Because service levels and fee structures vary greatly among title agencies, it is recommended consumers obtain a fee quote from a few title agencies before determining who to trust with this all-too-important decision. Contact us today at info@expedienttitle.com for a free quote! We are confident you will be pleasantly surprised at our economical fees and we look forward to earning your trust through our dedication to each and every transaction that is entrusted to us!
A title search will assist the sale in determining the ownership of a property and the legal restrictions on the land. It can also reveal any mortgages or deeds on the property, and any encumbrances held against it. This can help you ensure that the owner is legally responsible for the property before purchasing it. A title search can be done by either visiting the recorder’s office or hiring a company to do the work for you. However, you should be aware of what is included in a title search and the impact of a title search on the closing process. Expedient Title has the knowledge and experience to help expedite this portion of the process. We invite you to contact us today with any questions.