Many people buying property are unfamiliar with exactly what a title search is—or why it’s so important. After all, if I’m buying the house and you’re selling it, I already know who has the title, right? Well, not exactly. That’s where a title search comes in, and it’s why you need well-trained professionals, like the staff of Title Guaranty of South Florida, to successfully conduct that search and avoid unpleasant surprises at the closing or worse, much later.
A title search involves a trained professional conducting a search of the history of a piece of property. It’s a bit like a journey back in time, to discover who has owned the property in the pat and whether the current owner (the seller in a real estate transaction) has “clear title”—the legal right to sell the property.
Surprisingly, nearly 25% of all title searches find a problem. This can be one of any number of issues. For example, there may be a lien against the property. That means that someone else may have filed legal paperwork and been granted this lien. Probably the most common lien on a property involves taxes. If the current owner owes property taxes, the government may have a lien for that amount. Before a buyer can get clear title, someone will have to pay those taxes.
In many if not most cases, the issues raised by a title search can be dealt with quickly and usually for a small fee. However, this is why you need an expert firm like Title Guaranty of South Florida. They’ll make sure that when you pick up the keys, you have clear title to possession of your new property!