A property title search is an essential step that must be taken by a buyer before they commit to a real estate purchase. When any real estate purchase is made, it is important to ensure that the property has a “clean title.” A property title search helps find out if there are any existing claims or liens on the property in question. A title search helps the buyer avoid any legal dispute over the property in the future and make sure that the seller actually has the necessary rights to sell the property in the first place.
How does a Title Search Work?
To conduct a title search the prospective buyer can come in contact with an attorney to get a property title search conducted. The process may also be initiated by a lender that wishes to verify the rights of the supposed owner of the property, and determine what claims lie against the property before giving out a loan or other credit that uses that property as collateral.
The attorney would then use mostly public records and official government documents and portals to conduct their search and trace the ownership of the property and how it has passed to the current owner. They use these documents also to find out any lien, judgement or claims against the property. A title search also helps find out the property taxes due on the property.
Advantages of a Title Search
A thorough property title search is very advantageous both for sellers and buyers when it comes to sale of real estate. For sellers, the property they wish to sell must have a “marketable title.” This title helps ensure that there are no defects or disputes with regards to the property title that may cause disturbances and conflicts at later stages. Property can usually have documentation issues and once a property title search is done and the defects are corrected, it becomes very convenient for a seller to sell the property concerned.
However, a property title search is highly essential for a buyer. Property title searches are a vital step in the home-buying process. Besides determining who truly owns a property, they also ensure all existing liens, loans, child support, and judgments are disclosed and paid off before the transaction is complete. If liens or judgments aren't discovered before the sale, the buyer can face various costly, time-consuming and complicated issues later on.
Even though it is possible for a buyer to conduct this search on their own, it is not recommended. This is because the buyer will have to gain access to various complicated legal documents which may be difficult for them to understand fully. By hiring an attorney to do the search on their behalf, an individual can rest assured that the search will be done according to the correct procedure and in an accurate manner. It is also better to hire an attorney as an individual may overlook some important details that may become a matter of dispute later on.
Documents required for a title search
1) Title deed in the name of the present owner.
2) Link deed / Chain deed
3) Development agreement
4) Power of attorney
5) Property tax receipt
6) Parcha
7) Apart from this, all the documents related to the property
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