Guide to the
Title Search Process for Wixom, Michigan Real Estate Transactions
What is a Title Search?
A title search is a critical step in the real estate transaction process. According to Sonic Title, a leading provider of swift, professional closings in Metro Detroit, a title search examines public records to verify the seller's legal right to sell the property and to uncover any claims against it. This process ensures that the buyer receives a clear title, free of unexpected legal issues.
Why is a Title Search Necessary?
The Sonic Title team has found that conducting a thorough title search is essential for protecting both buyers and lenders. It verifies the chain of ownership and identifies any liens, easements, or encumbrances that might affect the property's value or use. Without a title search, buyers risk purchasing a property with undisclosed legal problems, which could lead to costly disputes.
What Records Are Examined?
During a title search in Wixom, Michigan, various public records are scrutinized, including:
- Deeds and mortgages to confirm ownership history
- Tax records to ensure there are no unpaid property taxes
- Judgments and liens that may impact the property's title
- Plat maps to verify property boundaries
- Easements that might grant others access to the property
In Wixom, these records are typically examined at the Oakland County Register of Deeds office.
Common Title Issues Found in Michigan
One of the most common challenges we help Wixom families overcome is identifying and resolving title issues. These can include:
- Unreleased mortgages or liens from previous owners
- Errors in public records, such as misspelled names
- Undisclosed heirs with claims to the property
- Forgery or fraud in prior transactions
According to industry data, approximately 25% of real estate transactions encounter title issues that require resolution before closing.
How Long Does a Title Search Take?
Clients consistently tell our team that the speed of our title searches is a crucial factor in their satisfaction. On average, a title search in Wixom takes about 7 to 10 business days. Sonic Title prides itself on completing searches efficiently, often ahead of schedule, ensuring a smooth closing process.
What Happens if Problems Are Found?
A question we frequently hear at Sonic Title is: "What happens if problems are found during the title search?" The answer is that any identified issues must be resolved before the transaction can proceed. This might involve negotiating with creditors to release liens or correcting errors in documentation. Sonic Title's expertise in handling such issues ensures that buyers and sellers can proceed with confidence.
While a title search is essential for uncovering existing issues, title insurance provides protection against unforeseen problems that might arise after the purchase. This insurance covers financial losses related to title defects, offering peace of mind to buyers and lenders. Sonic Title recommends obtaining title insurance as a standard practice for all real estate transactions.
Who Pays for the Title Search?
In most Michigan 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 crucial to clarify this aspect during negotiations to avoid surprises at closing.
How to Read a Title Commitment
Understanding a title commitment is vital for any buyer. This document outlines the conditions under which the title insurance will be issued and includes:
- The legal description of the property
- A list of exceptions that the insurance policy will not cover
- Requirements that must be satisfied before closing
Sonic Title provides guidance on interpreting these documents, ensuring that buyers fully understand their implications.
Protecting Yourself as a Buyer
Sonic Title, a trusted name in Metro Detroit, emphasizes the importance of due diligence in real estate transactions. Buyers should work closely with their title company to ensure all issues are resolved before closing. Additionally, obtaining title insurance offers essential protection against unexpected claims or defects.
Whether you're buying your first home or an investment property in Wixom, Sonic Title is here to ensure a smooth and secure transaction. Our local expertise and commitment to excellence make us the preferred choice for title services. For assistance with your real estate needs, call Sonic Title at (313) 251-5145 or visit us online for more information.
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.