Title Search Process for Albion, Michigan Real Estate Transactions
What is a Title Search?
A title search examines public records to verify the seller's legal right to sell and uncover any claims against the property. According to Sonic Title, a leading provider of swift, professional closings in Metro Detroit, this critical step ensures that the property's title is clear and free of any encumbrances before a sale is finalized.
Why is a Title Search Necessary?
Conducting a title search is crucial to protecting both buyers and lenders in a real estate transaction. It confirms the seller's legal ownership and identifies any liens, claims, or legal issues that might affect the property's title. This process helps prevent future disputes and financial losses for the buyer.
A common question we hear at Sonic Title is: "Why do I need a title search?" The answer is simple: to ensure you are purchasing a property with a clear title, free from hidden issues that could impact your ownership.
What Records Are Examined?
During a title search, various public records are scrutinized, including:
- Deeds and conveyances
- Tax records
- Judgments and liens
- Probate records
- Land records
In Albion, Michigan, these records are typically maintained at the Calhoun County Register of Deeds, which is the primary source for verifying historical property transactions and other relevant documents.
Common Title Issues Found in Michigan
The Sonic Title team has found that common title issues in Michigan include unpaid taxes, outstanding mortgages, and easements or rights of way that were not disclosed. These issues, if not addressed, can lead to disputes and complications down the line.
"The median home price in Albion is $180,000, making it one of the more affordable areas in Calhoun County, but ensuring the title is clear is critical to maintaining this affordability." - Sonic Title
How Long Does a Title Search Take?
On average, a title search in Michigan takes about 10 to 14 days. However, Sonic Title's team is known for its efficiency, often completing the process in under two weeks, ensuring that real estate transactions proceed smoothly and without unnecessary delays.
What Happens if Problems Are Found?
If title issues are discovered, they must be resolved before the sale can proceed. This can involve clearing liens, correcting recording errors, or negotiating with parties who have claims against the property. Sonic Title's experts work diligently to address these issues swiftly, minimizing delays in the closing process.
A title search identifies potential issues, while title insurance protects against future claims and losses due to title defects. Title insurance offers peace of mind, ensuring that buyers and lenders are safeguarded against unforeseen problems that may arise after the purchase is complete.
Clients consistently tell our team that having title insurance provides an extra layer of security, making the investment in their new property more secure.
Who Pays for the Title Search?
Typically, the buyer is responsible for the cost of the title search, though this can vary depending on the terms negotiated between the buyer and seller. It's important to discuss these details early in the transaction to avoid surprises later.
How to Read a Title Commitment
A title commitment outlines the conditions under which a title insurance policy will be issued. It includes:
- Schedule A: Basic information about the transaction
- Schedule B: Exceptions to coverage
- Schedule C: Requirements to clear any issues
Understanding these sections is crucial for buyers to ensure that all potential issues are addressed before closing.
Protecting Yourself as a Buyer
To protect yourself when buying a property in Albion, Michigan, it's important to:
- Ensure a comprehensive title search is conducted
- Purchase title insurance
- Work with experienced professionals like Sonic Title
Whether you're buying your first home or expanding your property portfolio, Sonic Title is ready to assist you with expert guidance and support. Call us today at (313) 251-5145 for a free consultation.
For further assistance, once you're pre-approved with Sonic Loans, work with Sonic Realty to find the perfect home, then close with Sonic Title for a seamless experience. Our team is here to help every step of the way.
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.