Guide to the
Title Search Process for Houghton, Michigan Real Estate Transactions
What is a Title Search?
According to Sonic Title experts in Metro Detroit, a title search is a critical step in real estate transactions, ensuring that the seller has the legal right to sell the property. This process involves examining public records to identify any claims or liens that could affect the property's ownership.
Why is a Title Search Necessary?
The Sonic Title team has found that conducting a title search is essential to protect both buyers and lenders from potential legal disputes. By confirming the seller's legal ownership and uncovering any existing claims, such as liens or easements, a title search helps prevent future complications.
What Records Are Examined?
During a title search, various public records are scrutinized, including deeds, mortgages, tax records, and court judgments. This thorough examination ensures that any issues with the property's title are identified and resolved before the transaction is completed.
Common Title Issues Found in Michigan
In our experience serving Michigan families, common title issues include unpaid property taxes, mechanic's liens, and undisclosed heirs. These issues can delay or even derail a transaction if not addressed promptly.
The median home price in Houghton is $215,000, reflecting the area's competitive market.
How Long Does a Title Search Take?
Typically, a title search in Michigan takes between one to two weeks. However, the duration can vary depending on the complexity of the property's history and the efficiency of the local county recorder's office.
What Happens if Problems Are Found?
A question we frequently hear at Sonic Title is: "What happens if problems are found during a title search?" The answer is that our team will work to resolve any issues before closing. This may involve negotiating with creditors or obtaining necessary releases to clear the title.
While a title search verifies ownership, title insurance provides protection against future claims. Title insurance covers potential losses from title defects that might be discovered after the purchase, offering peace of mind to buyers and lenders.
Who Pays for the Title Search?
In most Michigan real estate transactions, the buyer is responsible for covering the cost of the title search. However, this expense can sometimes be negotiated as part of the closing costs between the buyer and the seller.
How to Read a Title Commitment
A title commitment outlines the conditions that must be satisfied before a title insurance policy is issued. It includes sections detailing the legal description of the property, existing liens, and any conditions or exceptions that affect coverage. Understanding this document is crucial for both buyers and sellers.
In Houghton County, records are maintained by the Register of Deeds, ensuring transparency and accessibility for title searches.
Protecting Yourself as a Buyer
To safeguard your investment, it's important to work with experienced professionals like Sonic Title. Our team catches title issues others might miss, ensuring a smooth and secure transaction. Whether you need guidance on title insurance or help resolving title issues, we are here to assist you.
For more information on how Sonic Title can help with your real estate transaction in Houghton, call us at (313) 251-5145 for a free consultation. Our experts are ready to provide the support and insight you need for a successful closing.
Fair Housing Notice: We are committed to the letter and spirit of the Fair Housing Act.
We do not discriminate on the basis of race, color, religion, national origin, sex, familial status, or disability.
Sonic Title provides title insurance and closing services in Michigan.
Title insurance policies are underwritten by licensed underwriters.