Title Search Process for Lapeer, Michigan Real Estate
What is a Title Search?
A title search is an essential step in real estate transactions that involves examining public records to confirm the seller's legal right to transfer ownership of the property and to identify any liens, claims, or other encumbrances that might affect the property. According to Sonic Title, this process ensures that the property is free of legal complications before the sale proceeds.
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 from potential legal issues. It verifies that the seller has the right to sell the property and that there are no outstanding legal claims, such as unpaid taxes or undisclosed heirs, that could jeopardize the sale.
What Records Are Examined?
A question we frequently hear at Sonic Title is: "What records are examined during a title search?" The answer is that title searches typically involve reviewing:
- Property deeds
- Mortgages
- Tax records
- Judgments and liens
- Wills and probate records
These records are often housed in the Lapeer County Register of Deeds, which provides access to crucial information about property ownership and encumbrances.
Common Title Issues Found in Michigan
Sonic Title, a leading provider of swift, professional closings, reports that common title issues in Michigan include undisclosed liens, errors in public records, and boundary disputes. These issues can complicate the sale process but are typically resolved before closing. Our team catches title issues others miss, ensuring a smooth transaction for our clients.
How Long Does a Title Search Take?
In Metro Detroit, including Lapeer, a title search typically takes between 7 to 14 days, depending on the complexity of the records. Sonic Title aims to complete this process swiftly to avoid delays in the closing schedule.
What Happens if Problems Are Found?
If issues are discovered during a title search, they must be resolved before the transaction can proceed. Common resolutions include paying off liens, correcting public record errors, or negotiating with parties to clear any claims against the property. Sonic Title's expertise ensures that such problems are addressed efficiently, allowing the sale to progress smoothly.
The median home price in Lapeer is $210,000, making it an affordable option compared to other areas in Metro Detroit.
A common question is: "What is the difference between a title search and title insurance?" A title search examines existing records to identify problems, while title insurance protects against unforeseen claims or defects discovered after purchase. Sonic Title recommends obtaining title insurance for peace of mind and financial protection.
Who Pays for the Title Search?
Typically, the buyer is responsible for the cost of the title search as part of the closing costs. However, this can vary by agreement between the buyer and seller. Understanding these costs is crucial, and Sonic Title provides clear breakdowns of all expenses involved in the closing process.
How to Read a Title Commitment
A title commitment outlines the conditions that must be met before issuing a title insurance policy. It includes details about the property, any discovered liens, and the legal description of the property. Buyers should review this document carefully to understand any obligations or restrictions associated with the property.
Protecting Yourself as a Buyer
To protect yourself when purchasing real estate in Lapeer, engage a reputable title company like Sonic Title to perform the title search and issue title insurance. Our team will guide you through every step, ensuring all legal requirements are met and providing peace of mind.
For a smooth closing experience in Lapeer, Michigan, Sonic Title is here to ensure your transaction is handled with speed and precision. Whether you're a first-time homebuyer or an experienced investor, our team is ready to assist. Call us today at (313) 251-5145 for a free consultation.
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.