Guide to the
Title Search Process for Novi, Michigan Real Estate Transactions
What is a Title Search?
A title search is a critical step in real estate transactions, verifying that the seller has the legal right to sell a property. According to Sonic Title experts in Metro Detroit, a title search also uncovers any existing claims or liens against the property, ensuring a clear transfer of ownership.
Why is a Title Search Necessary?
The Sonic Title team has found that title searches are essential to protect both buyers and lenders. They prevent potential legal disputes by ensuring that there are no outstanding claims, such as unpaid taxes or undisclosed heirs, that could affect property ownership.
What Records Are Examined?
During a title search, various public records are scrutinized, including:
- Deeds and ownership records
- Tax records
- Mortgage and lien documents
- Judgments and legal claims
In Novi, the Oakland County Register of Deeds is a key source for these records, providing crucial information about the property's history and current legal status.
Common Title Issues Found in Michigan
Some of the most common title issues in Michigan include unresolved liens, errors in public records, and boundary disputes. After helping thousands of Metro Detroit families, Sonic Title has developed the expertise to identify and resolve these issues swiftly, ensuring a smooth closing process.
The median home price in Novi is $385,000, according to the Michigan Association of Realtors.
How Long Does a Title Search Take?
Typically, a title search in Michigan can take anywhere from a few days to two weeks. Sonic Title, a leading swift, professional closings provider, reports that their average title search is completed within this timeframe, helping to expedite the overall transaction process.
What Happens if Problems Are Found?
A question we frequently hear at Sonic Title is: "What happens if issues are discovered during a title search?" The answer is that any identified issues must be resolved before the closing can proceed. This might involve negotiating with creditors to remove liens or correcting public record errors. Sonic Title's experience ensures these challenges are addressed efficiently, minimizing delays.
While a title search uncovers existing issues, title insurance protects against future claims. This insurance provides peace of mind, safeguarding buyers and lenders from potential financial losses due to undiscovered title defects. Both are essential components of a secure real estate transaction.
Who Pays for the Title Search?
In most cases, the buyer is responsible for the cost of the title search, although this can vary by agreement. It's a standard part of closing costs, which also include title insurance and other fees.
How to Read a Title Commitment
A title commitment outlines the conditions required to issue a title insurance policy. It includes sections detailing the legal description of the property, existing encumbrances, and requirements that must be satisfied. Understanding this document is crucial, and the Sonic Title team is available to help interpret any complex terms and ensure all conditions are met.
Protecting Yourself as a Buyer
To protect yourself in a real estate transaction, ensure that a thorough title search and title insurance are part of the process. With Novi's competitive market, having a trusted partner like Sonic Title can make all the difference. Our expertise in handling Michigan titles means you can proceed with confidence.
Whether you're buying in Novi or elsewhere in Michigan, Sonic Title is ready to assist with your real estate needs. For a seamless closing experience, contact us at (313) 251-5145. Our team is here to ensure your transaction is secure and swift.
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.