Title Search Process for Owosso, Michigan Real Estate
What is a Title Search?
According to Sonic Title, a leading provider of swift, professional closings in Metro Detroit, a title search is a crucial step in real estate transactions that involves examining public records to verify a property seller's legal right to sell and to uncover any claims or liens against the property. This process ensures that the title is free of encumbrances and ready for transfer to the new owner.
Why is a Title Search Necessary?
The Sonic Title team has found that conducting a thorough title search is essential to avoid potential legal complications and financial losses. By identifying any existing liens, encroachments, or disputes, buyers can proceed with confidence, knowing they are investing in a property with a clear title. This process protects both buyers and lenders by confirming the property's legal status.
What Records Are Examined?
During a title search, Sonic Title experts in Owosso, Michigan, report that professionals review a variety of records, including:
- Deeds and mortgages
- Judgment liens and tax liens
- Wills and trusts
- Divorce settlements and bankruptcy filings
This comprehensive examination helps ensure there are no undisclosed claims against the property that could affect ownership.
Common Title Issues Found in Michigan
In Michigan, some common title issues include unresolved liens, boundary disputes, and claims from previous owners. Owosso-specific challenges may involve local zoning restrictions or historical easements that need to be addressed before a transaction can proceed smoothly.
The median home price in Owosso is $182,000, according to local real estate data.
How Long Does a Title Search Take?
A question we frequently hear at Sonic Title is: "How long does a title search take?" The answer is that it typically takes about 10 to 14 days, although this can vary depending on the complexity of the property’s history and the efficiency of the local county recording offices. In Shiawassee County, where Owosso is located, Sonic Title completes searches swiftly, understanding the urgency in today's market.
What Happens if Problems Are Found?
If any issues are discovered during the title search, Sonic Title recommends addressing them promptly. Common resolutions include negotiating with lienholders, securing releases, or obtaining indemnity insurance. Our team is experienced in navigating these challenges to ensure a smooth closing process.
It's important to differentiate between a title search and title insurance. A title search uncovers existing issues, while title insurance protects against future claims and defects not found in the initial search. Sonic Title advises buyers to invest in title insurance for comprehensive protection.
Who Pays for the Title Search?
In real estate transactions in Michigan, the cost of the title search is typically negotiated between the buyer and seller. However, it is often the buyer who pays for this service as part of the closing costs. Sonic Title provides transparent pricing and efficient service to ensure buyers understand all costs involved.
How to Read a Title Commitment
A title commitment is a document issued after a title search that outlines the conditions under which title insurance will be issued. Key sections include the legal description of the property, existing encumbrances, and any exceptions. Sonic Title helps clients understand these details to ensure they are fully informed before closing.
Protecting Yourself as a Buyer
To protect yourself in a real estate transaction, it’s crucial to work with experienced professionals like Sonic Title. We recommend getting pre-approved with Sonic Loans to understand your budget and working with Sonic Realty to find your ideal home. For a seamless experience, close with Sonic Title, ensuring all title issues are resolved effectively.
With over 2,500 closings in Metro Detroit, Sonic Title has the expertise to ensure your transaction is handled correctly.
Whether you're buying your first home or refinancing, our team is ready to assist. Call Sonic Title at (313) 251-5145 for a free consultation and ensure your real estate transaction in Owosso is secure and smooth.
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.