Purchasing a home is an exciting time in a person’s life, but it is not a process that should be rushed through. If any important steps are not completed, it could lead to delays in the home buying process. Specifically, it is important for buyers and sellers in Meridian to make sure a title search is performed before closing on the sale.
What is a title search?
Through a title search, public records on the property are reviewed to confirm the seller legally owns the property, to determine if any other parties have a claim to the property or to determine if there are any other title defects. Title must be “clean” that is, void of any defects, liens, back taxes or other claims in order to be sold.
Why should I get title insurance?
Title insurance is important both for those who own the property at issue as well as lenders who provide the mortgage to the property. It protects against financial loss or damage caused by a dirty or defective title. Title insurance, unlike other types of insurance, protects against past events rather than future events. Some items a title insurance policy may cover are defects involving ownership by a third party, incorrect signatures on real estate documents, flawed records, restrictive covenants and encumbrances against the property.
Ensure you do a title search
Buyers and sellers in Meridian both benefit from a title search. If a title search uncovers defects in the title, these need to be remedied before the sale can go through. Therefore, it is important not to skip this important part of the real estate sales process.