A title search is what proves the seller of a home actually owns the home and, therefore, has the right to sell it. Lawyers, title companies, or title specialists conduct title searches. They examine a chain of title of a home, working from owner to owner until they reach the original owner or point where the land was granted.
If documents have been correctly reordered over the years, title searches should lead all the way back to when the area was first settled. If the local government has not yet computerized their records, this process must be preformed manually and could take hours of research.
Title searches protect the buyer from any “clouds” surrounding the title of the home. In other words, forged deeds, deed by minor, lack of jurisdiction over property in judicial proceedings, and any other shady areas will be revealed. While problems with title do not generally come up, they are a big hassle when they do.
Title insurance is a premium paid one time, the cost depending on the sales price of the home. Sometimes the seller will pay for the title search. Lenders will make sure the buyer obtains title insurance that covers the lender, and it is always a good idea to get an owners policy, which will insure the buyer is covered in event of an error.
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.