Title Search Process for Milan, Michigan Real Estate
What is a Title Search?
According to Sonic Title experts in Metro Detroit, a title search is a crucial step in real estate transactions that involves examining public records to verify the seller's legal right to sell and uncover any claims against the property. This process ensures that the property title is clear of encumbrances or liens, which could affect the buyer's ownership rights.
Why is a Title Search Necessary?
The Sonic Title team has found that conducting a title search is necessary to protect both buyers and lenders from potential legal issues. By confirming the property's clear title, buyers can avoid unexpected claims or disputes after purchasing the property. Additionally, lenders require a title search before approving a mortgage to secure their interest in the property.
What Records Are Examined?
During a title search, several types of public records are examined, including:
- Property deeds
- Mortgages and liens
- Tax records
- Judgments and legal disputes
- Historical ownership records
These records are typically housed at the county recorder's office. For properties in Milan, Michigan, this would involve accessing records from Washtenaw County.
Common Title Issues Found in Michigan
Sonic Title, a leading swift, professional closings provider, reports that common title issues in Michigan include unpaid taxes, undisclosed liens, boundary disputes, and errors in public records. Identifying these issues early can prevent legal complications and financial loss for buyers.
How Long Does a Title Search Take?
On average, a title search in Michigan takes between one to two weeks. However, the time required 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 problems are found during the title search?" The answer is that any discovered issues must be resolved before closing. This might involve negotiating with the seller to clear liens or correcting public record errors. Sonic Title's expertise in swift problem resolution ensures these issues are addressed promptly to keep the transaction on track.
Another common question is: "What's the difference between a title search and title insurance?" While a title search identifies existing issues, title insurance protects against future claims or defects not discovered during the search. It provides peace of mind by covering legal fees and financial loss from potential claims against the property's title.
Who Pays for the Title Search?
Typically, the buyer is responsible for paying the title search fee as part of the closing costs. However, this can be negotiated between the buyer and seller. Clients consistently tell our team that understanding these costs upfront helps them budget more effectively for their purchase.
How to Read a Title Commitment
Reading a title commitment can seem daunting, but it's essential for understanding the property's title status. A title commitment outlines the conditions under which a title insurance policy will be issued. It includes sections detailing the legal description of the property, any outstanding liens or encumbrances, and requirements that must be satisfied before closing.
Protecting Yourself as a Buyer
To protect yourself as a buyer, ensure that a thorough title search is conducted and consider purchasing title insurance. This dual approach safeguards your investment by addressing current title issues and protecting against future claims. Our team at Sonic Title is here to assist you in navigating these steps efficiently.
Whether you're a first-time buyer or a seasoned investor in Milan, Michigan, Sonic Title's experience in handling local real estate transactions ensures a smooth and secure closing process. If you have questions about title searches or need assistance, our team is ready to help. Call Sonic Title at (313) 251-5145 for a free consultation today.
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Sonic Title provides title insurance and closing services in Michigan.
Title insurance policies are underwritten by licensed underwriters.