When you buy a home, the title is the legal certificate that outlines your ownership rights and defines the property boundaries. Whether you’re buying a single family house or a large tract of land, the title is the foundation of your investment. If you want to sell the property in the future, you must have a clear title that proves your rightful ownership of it. This is why a property title search is one of the most important steps in real estate purchases. This process reviews all property documents related to the home and discovers any third parties who may have a vested interest in it. It also identifies any debts tied to the property such as mortgages, taxes, and liens. New homeowners can get title insurance to protect against potential issues in the future.

This process typically takes a few days to a few weeks to complete. The duration depends on the number of records to be reviewed and how many sources need to be contacted. It also depends on how quickly the records can be located and processed by the office in charge of searching.

During the property title search, an attorney or other professional will review all public records associated with a property. The review will include all deeds, land surveys, legal notices, zoning violations and maps. The purpose is to determine who the owner of the property is, who has the legal right to sell it and to identify any encumbrances that may impact its value. Also read https://www.pandaprohomebuyers.com/sell-a-house-with-foundation-problems-in-maryland/

The process begins by finding the property’s most recent deed. The next step is to find the deeds that transferred the property to the current owner. This can be done using the property’s name, or, in cases of trusts and corporations, the full legal name. From there, the attorney will trace the chain of ownership to establish a clear line of title to the property. This may require going back 70-100 years.

Next, the attorney will review any legal judgments against the property owner or its current owners, as well as any liens that are recorded against the property. These can include unpaid contractor bills, zoning violation fines, property taxes and HOA dues. The attorney will also check if there are any easements on the property, which allow another party to use a portion of the property.

A final step is to review the county tax records. This will reveal the status of real estate taxes and help the attorney confirm that the seller has a saleable interest in the property. In addition, it will also show if the property has been assessed for special assessments in the past. It’s essential that all liens and claims are resolved before the transfer of ownership can occur. For this reason, a title search is an important safeguard that provides peace of mind for the buyers and their lenders. For this reason, attorneys are crucial to the real estate process, offering guidance and clarity as they walk new homeowners through these vital steps.