Have you found a home in Provo that you love and have interest in buying? Before making a home sale official, there are important steps to take for your financial safety. Not only should you get the home inspected and appraised, but also conduct a property title search. Here's the why and how behind researching the house title.
What Is a Property Title Search?
According to Rocket Mortgage, a property title search pulls information from public records. It's about the property to help confirm the rightful owner. It can also reveal things that could affect your purchase. Furthermore, it can show you any claims or liens on the property or financial rulings against the current owner.
A title company or attorney will typically take care of the title search. However, in some instances, a home buyer may choose to take on the task.
How Much Does a Title Search Cost?
Generally, the cost of a title search ranges from $100 – $250 (depending on where you live). It is often included in the closing costs at the end of the purchase. After the process, you should receive a report on all documents related to the property. It would highlight any drawbacks that could affect the sale.
Why Do You Need a Property Title Search?
There are often a lot of title issues that need to resolve before transferring ownership of a home from the seller to the buyer. The main reason you need to have a property title search completed is so that you’re aware of these issues. This would precede officially purchasing the home.
After a title search, you as the buyer should know exactly who has clear and free ownership of the home. If this is unclear, or you have any uncertainties, you will know not to move forward with the sale.
If you purchase your home with a mortgage, a title search and lender’s title insurance policy is also required. This protects the lender financially against any claims that go against your home’s title.
Contact Enlight Homebuyers Today!
Conducting a title search may sound intimidating, but it doesn’t have to be! That’s why there are trained professionals to help you along the way.
If you are feeling hesitant to buy a home or are a seller that’s worried your home won’t sell (due to title issues), give us a call. We are trusted cash home buyers in Provo and would love to give you a second opinion. Give us a call at 801-939-0123 or fill out the form below!