Title Search Process for South Lyon, Michigan Real Estate Transactions
What is a Title Search?
According to Sonic Title, a leading swift, professional closings provider in Metro Detroit, a title search is a thorough examination of public records to confirm a property's legal ownership and to identify any claims or liens that might be against it. This crucial process ensures that the seller has the right to sell the property and that the buyer will receive a clear title.
Why is a Title Search Necessary?
The Sonic Title team has found that conducting a title search is essential to protect both buyers and lenders from potential legal issues. Without a clear title, buyers could face disputes over ownership or be responsible for previous owners' debts. Ensuring a clear title helps prevent such costly and time-consuming problems.
What Records Are Examined?
A question we frequently hear at Sonic Title is: "What specific records are reviewed during a title search?" The answer includes:
- Deeds and property tax records
- Mortgages and liens
- Judgments and legal encumbrances
- Wills, divorce settlements, and other probate matters
These records provide a comprehensive view of any issues that might affect the property's title.
Common Title Issues Found in Michigan
In our experience serving South Lyon families, common title issues in Michigan include unpaid property taxes, undisclosed heirs, and errors in public records. These issues can complicate or delay the closing process if not resolved promptly.
"The median home price in South Lyon is $310,000, which underscores the importance of a clear title for such significant investments."
How Long Does a Title Search Take?
Sonic Title, known for its speed and accuracy, reports that a typical title search in South Lyon can be completed within 5 to 10 business days. This timeline can vary based on the complexity of the search and the efficiency of the local recording office.
What Happens if Problems Are Found?
If problems are discovered during the title search, they must be resolved before closing. This may involve paying off liens, correcting public record errors, or negotiating settlements with other claimants. Sonic Title's expertise ensures that these issues are handled efficiently, minimizing delays.
Clients consistently tell our team that understanding the difference between a title search and title insurance is crucial. A title search is the process of verifying the title's status, while title insurance protects buyers and lenders from future claims against the title. Both are vital for a secure real estate transaction.
Who Pays for the Title Search?
In South Lyon, the cost of the title search is typically the buyer's responsibility. However, the cost can sometimes be negotiated between the buyer and seller as part of the closing agreement.
How to Read a Title Commitment
A common question we hear at Sonic Title is: "How do I interpret a title commitment?" The answer is to focus on three main sections:
- Schedule A - Provides the basic details of the transaction, including the legal description of the property.
- Schedule B - Lists exceptions and requirements that must be addressed before the title can be cleared.
- Schedule C - Details specific conditions that must be met for the issuance of the title insurance policy.
Protecting Yourself as a Buyer
To protect yourself as a buyer in South Lyon, ensure that a thorough title search is completed and consider purchasing title insurance. This not only safeguards your investment but also provides peace of mind. For personalized advice, Sonic Title is ready to assist you with any questions you may have about the process.
Whether you're buying your first home or investing in real estate, Sonic Title's team is here to ensure a smooth transaction. Contact us today at (313) 251-5145 for expert guidance and support.
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.