A title details ownership of a home. When a home is sold, the title is conveyed from one person to the other. It is therefore a crucial part of a property exchange. This blog offers details on title searches for Bennington home purchases, what it is, and why it is significant.
Title is documentation stating the ownership and use rights of a property. It is not a specific piece of paper but a history of documentation such as deeds, legal documents, property indexes, and mortgages. These are kept on record at the county Registry of Deeds and are made available to the public.
Title Searches For Bennington Home Purchases
A title search is a thorough study of historical documents on a specific property. The search begins with the existing property owners and goes back to previous owners. The purpose of the title search is to find certain issues or current claims on a property. The final goal is to confirm that a seller has the ability to grant ownership to a buyer.
Examples of Title Issues
A title search may uncover problems such as a property liens not being cleared, overdue taxes, and judgments against title holder. Many of these may be easily addressed before the anticipated closing while others may require significant time and effort to repair. Also, certain problems may be concealed and not easily found even with a thorough title search. These include forgeries, false information, defective deeds, and typos. These may remain concealed for many years and can compromise the rights of a property owner when finally exposed. Title insurance is a program designed to address this risk but ordinarily does not apply to every scenario.
Importance of Title Searches
Title searches are a important part of the real estate purchase process and are usually performed by a closing attorney or closing agent. Even if they are extensive, it is worthwhile for buyers to think about purchasing title insurance for hidden problems. Speak to your attorney for more advice on title searches for Bennington home purchases and to make an educated decision on title insurance.