Guide to the
Title Search Process for Lathrup Village, Michigan Real Estate Transactions
What is a Title Search?
According to Sonic Title experts in Metro Detroit, a title search is an essential process in real estate transactions that examines public records to verify the seller's legal right to sell the property and uncover any claims or liens against it. This ensures that the buyer is purchasing a property with a clear title, free from legal encumbrances.
Why is a Title Search Necessary?
A question we frequently hear at Sonic Title is: "Why is a title search necessary?" The answer is that it provides peace of mind by confirming that the title is free of legal issues that could affect the ownership transfer. Without a title search, buyers risk encountering unforeseen claims after purchase, such as unpaid taxes or disputed ownership, which could lead to costly legal battles.
What Records Are Examined?
The Sonic Title team has found that the title search process involves examining a variety of public records, including property deeds, mortgages, tax liens, building code violations, and legal judgments. In Lathrup Village, these records are typically housed within the Oakland County Register of Deeds. This thorough investigation ensures that any potential issues are identified and addressed before closing.
Common Title Issues Found in Michigan
Title searches often uncover common issues such as unpaid property taxes, outstanding mortgages, and liens from contractors or legal judgments. In Michigan, it's also not uncommon to find boundary disputes due to unclear property descriptions. Identifying these issues early allows them to be resolved, ensuring a smooth closing process.
How Long Does a Title Search Take?
Clients consistently tell our team that they value the speed and accuracy of our services, with the average title search in Michigan taking between 5 to 10 business days. Our experience serving Lathrup Village families means we often complete this process faster, allowing for a swift and efficient closing.
What Happens if Problems Are Found?
If a title search uncovers problems, the Sonic Title team immediately works to resolve these issues. This might involve negotiating with lienholders, amending legal descriptions, or obtaining necessary documentation to clear the title. Our proactive approach ensures that potential obstacles are addressed promptly, minimizing delays.
A common question we hear from buyers is: "What's the difference between a title search and title insurance?" While a title search identifies existing issues, title insurance protects the buyer and lender from potential future claims against the property. This insurance provides financial protection against defects that weren't discovered during the title search.
Who Pays for the Title Search?
In most real estate transactions, the buyer typically pays for the title search as part of the closing costs. However, this can vary by agreement between the buyer and seller. It's important to review the purchase contract to understand who is responsible for these fees.
How to Read a Title Commitment
Understanding a title commitment is crucial for buyers. This document outlines the conditions under which the title insurance will be issued and lists any issues that need resolution before closing. Key sections include the legal description of the property, any exceptions to coverage, and the requirements that must be fulfilled for the issuance of a title policy.
Protecting Yourself as a Buyer
Protecting yourself as a buyer involves more than just conducting a title search. It's essential to work with a reputable title company like Sonic Title, which ensures a thorough investigation and offers title insurance for added security. Our team provides clear communication throughout the process, so you'll always know exactly where your closing stands.
Whether you're buying in bustling Lathrup Village or elsewhere in Metro Detroit, Sonic Title is here to guide you every step of the way. For expert assistance and a seamless closing experience, call us at (313) 251-5145. Our team is ready to help make your real estate transaction as smooth as possible.
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.