 You’ve signed the contract, gotten a home inspection, and you’re ready to close. As you review the closing costs, you see a line for property title search.
It may not be a term you’re familiar with but it’s a critical part to the successful ownership of your new home!  According to the Washington Post. title companies report that more than one-third of all real estate transactions they take on must undergo “extraordinary work” to address and fix title issues.
Over one-third! That means title companies examine public records, researching as far back as 50 years, to look for past wills, deeds, trusts, bankruptcy filings, tax records, and even court judgments. Their purpose?  You’ve been through the long process of finding a home, entering a bid on the property, then securing a contract for purchase. Now it’s down to the last leg, closing on your new home.  Buyers are often confused about title insurance, and it’s understandable. That’s because there are two different types of title insurance. And as an informed buyer, it’s wise to understand the difference. |
AuthorLilly Title & Settlement wants you to be an empowered homebuyer! Archives
December 2022
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