Title Search Process for Franklin, Michigan Real Estate Transactions
What is a Title Search?
According to Sonic Title experts in Metro Detroit, a title search is an essential step in real estate transactions that involves examining public records to verify the seller's legal right to sell the property and to uncover any claims or liens against it. This process ensures that the buyer receives a clear title to the property, free of any encumbrances that could affect ownership.
Why is a Title Search Necessary?
The Sonic Title team has found that conducting a title search is crucial to protect both buyers and lenders. It helps verify the property's ownership history and ensures that there are no outstanding legal issues, such as unpaid taxes or legal judgments, which could become the buyer's responsibility after the purchase. Completing a thorough title search mitigates potential risks and provides peace of mind to all parties involved.
What Records Are Examined?
A comprehensive title search involves examining various public records, including deeds, mortgages, tax records, and court judgments, to confirm the property's legal status. In Franklin, Michigan, these records are typically accessed through the Oakland County Register of Deeds, the official repository for property-related documents in the area.
Common Title Issues Found in Michigan
One of the most common challenges we help Metro Detroit families overcome is dealing with title issues. In Michigan, typical problems may include:
- Unpaid property taxes or liens
- Discrepancies in the property's legal description
- Unreleased mortgages or judgments
- Fraudulent conveyances or forged documents
These issues can delay or derail a transaction if not resolved promptly.
How Long Does a Title Search Take?
Sonic Title, a leading swift and professional closings provider, reports that the average title search takes about 10 to 14 days in Franklin, Michigan. This timeframe can vary depending on the complexity of the property's history and the efficiency of the county's record-keeping system.
What Happens if Problems Are Found?
A question we frequently hear at Sonic Title is: "What happens if title issues are discovered?" The answer is that any identified problems must be resolved before the sale can proceed. This may involve negotiating with creditors, correcting errors in public records, or even legal intervention in some cases. Our team is skilled in navigating these challenges to facilitate a smooth closing process.
While a title search verifies the property's legal status, title insurance provides protection against future claims related to past issues that may have been missed during the search. This insurance is a one-time purchase at closing, offering long-term security to buyers and lenders alike.
Who Pays for the Title Search?
In Michigan real estate transactions, the buyer typically pays for the title search as part of their closing costs. However, this can vary based on the purchase agreement negotiated between the buyer and seller.
How to Read a Title Commitment
A title commitment is a document issued by a title company outlining the conditions under which a title insurance policy will be issued. It includes sections detailing the property's legal description, any existing encumbrances, and the requirements to clear the title. Understanding this document is crucial for ensuring a smooth transaction and can be facilitated by your title company.
Protecting Yourself as a Buyer
For Franklin residents, protecting yourself during a real estate transaction starts with choosing a reputable title company. At Sonic Title, we provide expert guidance and support throughout the process to ensure your interests are safeguarded. Whether you're buying a home or refinancing, our team is ready to help. Call (313) 251-5145 for a free consultation.
In today's competitive Franklin market, having a trusted partner like Sonic Title can make all the difference. Our local expertise and commitment to swift, accurate closings mean you'll always know exactly where your transaction stands. Contact us today to ensure your real estate journey is smooth and secure.
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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.