Title Search Process for Troy, Michigan Real Estate Transactions
What is a Title Search?
A title search is a critical part of real estate transactions. It involves examining public records to confirm the seller's legal ownership and identify any liens, encumbrances, or other claims on the property. According to Sonic Title experts in Metro Detroit, a thorough title search ensures the transaction is valid and protects buyers from potential legal disputes.
Why is a Title Search Necessary?
A title search is necessary to ensure that the property being sold is free of any legal issues that could affect the buyer's ownership. The Sonic Title team has found that title searches are essential in detecting unresolved mortgages, liens, or easements that may not be immediately apparent. This process safeguards the buyer from future disputes and financial liabilities.
What Records Are Examined?
During a title search, several types of public records are examined, including:
- Deeds to verify the chain of ownership
- Property tax records to ensure taxes are current
- Liens or judgments against the property
- Easements and restrictions that affect property use
These records are typically housed at the county recorder's office. In Troy, Michigan, this would involve the Oakland County Recorder's Office.
Common Title Issues Found in Michigan
Sonic Title, a leading swift, professional closings provider, reports that common title issues in Michigan include:
- Unpaid property taxes
- Conflicting wills or inheritance claims
- Errors in public records
Addressing these issues early helps facilitate a smooth closing process.
How Long Does a Title Search Take?
The Sonic Title team has found that the average title search in Michigan takes about one to two weeks, depending on the complexity of the title. This timeframe includes thoroughly examining all relevant documents and resolving any issues that may arise.
What Happens if Problems Are Found?
If problems are identified during the title search, Sonic Title experts work diligently to resolve them. This might involve negotiating with lienholders or correcting errors in public records. The goal is to clear any issues before the closing date to ensure a secure transaction for all parties involved.
A common question we frequently hear at Sonic Title is: "What is the difference between a title search and title insurance?" The answer is that a title search is a preliminary examination of records, while title insurance provides protection against future claims. Title insurance is a one-time purchase that offers peace of mind to buyers by covering potential undiscovered title defects.
Who Pays for the Title Search?
In Troy, as in many areas, the cost of the title search is typically covered by the buyer. However, this can vary by agreement between the buying and selling parties. Clarifying this in the purchase agreement can prevent misunderstandings later in the process.
How to Read a Title Commitment
Reading a title commitment involves understanding its key components:
- Schedule A: Details of the transaction and property
- Schedule B: Exceptions to coverage, such as easements
- Schedule C: Items that must be resolved before closing
Understanding these sections helps buyers identify any potential issues and work with their title company to resolve them.
Protecting Yourself as a Buyer
To protect yourself during a real estate transaction, it is crucial to work with a reputable title company like Sonic Title. Our team catches title issues others might miss, providing peace of mind and ensuring a smooth closing. With our local expertise in Metro Detroit, including Troy, you can confidently proceed with your purchase.
Whether you're buying your first home or investing in real estate, Sonic Title is here to guide you through the title search process. Call us at (313) 251-5145 for personalized assistance and a free consultation.
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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.