Are you on the verge of buying a new house or a property? Hold on a second! What if the deal isn’t as clean as it looks? Before you sign on the dotted line, ask yourself: Do I know what I am buying?
A simple Title Search can find legal troubles, unpaid taxes, and ownership disputes that would never appear at first glance. It is more than just paperwork; it is protection. You will learn how a Title Search can save you from extensive trouble and give you confidence before making one of your life’s most significant purchases.
Verify Who Owns the Property
One of the most essential duties a Title Search performs is confirming the legal ownership. Just because someone sells a property does not mean they hold the right to do so.
It could be that the person selling the property to you does not even have the legal right to do so, and someone else is the actual owner of the property.
In such a case, your ownership could be jeopardised if the actual owner decides to reclaim the property.
A Title Search helps trace the chain of ownership. It shows if the seller has a clear title or if someone else could legally claim the property.
Find Out If There Are Outstanding Debts or Liens
A Title Search also carries out a lien check on the property, looking for all debts concerning the house, including unpaid taxes or contractor bills owed against it.
Any pending bills, liabilities, mortgages, or debts will become a noose around your neck.
You would also be liable for such payments if you purchase a home with outstanding liens. This is a financial trap, and without a proper title search, you’ll be walking right into it.
Hence, lenders are keen to do it nowadays before they mortgage a property because it is just to put one more eye on any blemishes that might surface later when you are stuck.
Identify Easements and Property Restrictions
The Title Search can reveal if there are any legal limits as to what you can do with the property.
Easements are legal agreements which may give others the right to use part of your land. Imagine waking up one morning and seeing Mr. Harrington drying his clothes on your lawn. Not ideal, right?
There may also be restrictions on what kind of building you can put up on the land. If you are not aware of such conditions and go ahead with any restricted construction on the land, it could very well lead to demolition.
These legal details might seem small, but they can affect your plans and reduce the property’s value. You have the right to know all this before signing a contract.
Uncover Pending Lawsuits Involving the Property
Title Search will show if there are any ongoing lawsuits on the property. This includes disputes regarding property lines, inheritance claims, or even foreclosure actions.
If you should buy a property caught up in the middle of a legal fight, you might also find yourself in court.
A title search is what helps you avoid that risk. It is your tool to ensure you’ve not bought someone else’s problems.
Make Sure the Title Can Be Transferred to You
The property title must be clear and transferable before finalising any deal. A Title Search helps confirm this.
It checks for past errors, like misspelt names or incorrect records, that can lead to the inability to claim full ownership.
Without this check, you may delay or lose a property. A clean Title Search assures a smooth and hassle-free closing.
Conclusion
The Title Search exists beyond a mere formality; it is your first defence against costly mistakes and hidden issues. It provides you with the ability to make informed decisions in the interest of protecting your investment.
Buying property without a Title Search is akin to entering a deal with a blindfold. Do not take the chance.
Let the Title Search reveal what you need to know before you commit. It could save you from a lifetime of regret.
