11,727 individuals in the US incurred real estate losses of $350 million due to home title fraud. Additionally, title and deed issues cause delays in 11% of closings. Unresolved title issues can entirely derail home sale transactions.
A thorough home title search uncovers unpaid taxes, undisclosed liens, and boundary disputes. This ensures clarity in property transactions. For an affordable, $100 to $250 you can safeguard your property and get invaluable protection against financial and legal ramifications.
Title Search Findings in Focus
- A title search can take 10-14 days to complete. Some companies do the search within 24 hours as well.
- A title search is mandatory for any transaction that requires insurance. The title insurance industry is worth $23.0 billion in 2024.
- To conduct a title search yourself for free by visiting your local county clerk’s office.
What is Home Title Search?
Title search or verification is a process carried out before completing the real estate transaction. The process evaluates the public record to confirm the right owner of that property. Numerous sources are used for title searches, such as land records, tax liens, deeds, and court rulings.
The completion of every real estate transaction necessitates a clear title. If a home title search reveals a lien on the property, transactions cannot be completed. Relevant sale deeds and documents are created before transferring property ownership.
Why Do You Need a Title Search?
You need a title search to confirm the legal ownership of a house. It also helps identify claims and liens. All these elements related to title search are important for ensuring clear titles and transactions. A property title search is also important for the following reasons:
- Uncovering Liens and Encumbrances: A title search reveals unpaid debts that can affect your ownership rights.
- Protection Against Unseen Liabilities: It safeguards you from hidden and uncovered liabilities like zoning restrictions or environmental hazards.
- Clear Title: You can confirm the property has a clean and marketable title to ensure a smooth ownership transfer.
How Does a Home Title Search on a Property Work?
The title company or attorney uses legal documents to lay down a chain of titles. They evaluate property records. This document depicts the history of a home, right from who built it to its most recent owner. This search helps them confirm that a seller is the rightful owner.
It helps the title company or attorney prepare an abstract of the title. The title abstract has a recorded chronology of all the documents and transactions related to the property available. This is how a title search eradicates any legal or financial disputes related to the property.
Who Conducts a Home Title Search?
Property title searches are conducted by Title companies and attorneys. However, you can also conduct them yourself.
It has become much easier to check property titles online than going ahead with the traditional method. You can conduct it to search for property ownership on your own by using some simple steps.
- Step 1: Go to the official website of your state’s land records.
- Step 2: Navigate the official portal.
- Step 3: Add the location-related details of the respective property.
- Step 4: Click the submit or view button to check your property title search result.
Conducting a property title search online can help you cut down on costs. However, the process is also time-consuming, complex, and overwhelming. Consulting a professional is always recommended, as they speed up the process and offer needed guidance.
How Much Do You Pay for Home Title Search?
The title searcher’s price ranges from $100 to $250, depending on the state in which you are. Sometimes, the cost of the title search is also clubbed with the title insurance policy. This reduces the overall closing costs of your home.
How Long Does a Home Title Search Take?
The title search process can take a few days to a few weeks to complete. It depends upon the type of property, whether it is new or old.
It also relies upon the complexity of the property’s documents. Moreover, the title company tries to accumulate information from multiple sources. Sometimes, this delays the process if the office takes time to respond.
After the documents reach the title company officer, it may take a few hours or days to complete the paperwork and outstanding claims. Overall, you can expect to complete the paperwork in 1-2 weeks.
Bottom Line
A title search is one of the most crucial elements when buying a home. Understanding the home title search process not only helps you know the clear title of the property but also protects you from potential fraud.
Conducting a title search also prevents you from making any fraudulent transactions. If you are looking for a title company near you, find the right professional with Houzeo. Get access to trusted and experienced title agents who will help you carry out a property title search.
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Frequently Asked Questions
What does a home title search reveal?
A home title search reveals current owner, previous owners, liens, encumbrances, transfer history, and property details.
What is a title search abstract?
A title search abstract is a legal document that offers property’s historical legal documentation and details such as titles, transfers, and claims against the property.
When is the property title search done?
A property title search is carried out before the real estate transaction to confirm the clear title. It is also ordered during escrow when a lender financing a home purchase requests a preliminary report from a title company.
