When acquiring a new property, you want to minimize the risk of encountering unforeseen challenges related to your new property.
A title search is a necessary step to undertake for several good reasons.
1. Ensure ownership clarity
Before you commit to buying a property, you need to ascertain that the seller has clear and unencumbered ownership. A title search reveals the history of the property’s ownership, which helps you avoid potential disputes or complications in the future. By discovering any liens or claims against the property, you can steer clear of inheriting someone else’s legal problems.
2. Unearth financial pitfalls
Hidden financial burdens can lurk behind the façade of an attractive property. A comprehensive title search will expose any outstanding debts, unpaid taxes or mortgages tied to the property. This knowledge helps you avoid unexpected financial obligations that could burden your investment and your peace of mind.
3. Verify accurate boundaries
A property’s boundaries should align with what is officially recorded. A title search reveals any discrepancies, helping to confirm the dimensions and shape of the land you intend to purchase. Without a clear understanding of the property’s boundaries, you may face issues with neighbors or future construction projects.
4. Uncover usage limitations
Easements and property restrictions can significantly impact how you can use your new land. A title search will uncover any such restrictions, which may restrict your plans for the property. This knowledge empowers you to make informed decisions regarding your investment, be it for personal use or for future resale.
Considering that the average time on the market for residential real estate in Miami County is 13 days, doing a title search can make it easier to make a move when you find the perfect home.
