When it comes to the property, you want to do everything possible to ensure safety and security. Often times, not knowing the particulars about real estate can halt sales and default loans. When you do a title search, you can acquire the most important details about the property in question. This can save you a great deal of time and money, especially if you’re trying to buy or sell a home.
Encroachments Onto the Property
Whether it’s a fence built by the neighbor or it’s a shed overlapping a utility easement, encroachments to the property need to be identified. This can directly affect the value of the real estate as well as determine liability should an object need to be removed from the premises. It’s an important aspect of insurance as damages to such property may be at the cost of another party.
If a lot is zoned for commercial, it may not hold a residential establishment. This information can be forgotten over time leading to a house being built on a location reserved for businesses. This could then cause the home to be removed at the cost of the owner. However, many properties can be re-zoned through contacting local governments.
Liens and Other Third-Party Claims
When someone sells a property that a third-party has a claim to, the end result can be quite costly as well as stressful. A title search for such location should reveal all claims against the property including fraudulent sell attempts and other mistakes by land title offices.
Errors by Local Government
Local officials are not infallible, and sometimes mistakes can happen when filing property information. Title searches can help shed light on these problems providing individuals with the base information in which to remedy the situation. In most cases, local officials are very helpful and will do what is necessary to clear up any mistakes that are on record.
Properly Signed and Registered Forms
It’s uncommon that a document slips through the cracks without signatures. In some cases, registration forms may be overlooked as well. A proper land title search can provide you with the background information regarding the real estate where you can establish if everything is correct and legal. In many cases, simple amendments to the original forms are possible even if the mistake is several years old.
If you’re serious about buying a home, never take the owner’s word as fact. If you’re selling, the title search can enhance the experience by providing the buyer with information he or she needs to know. Services such as those offered by InfoTrack can provide the history of a location and all documents attached to such. It can help remedy unknown issues as well as make the entire selling procedure legal and binding.