Title Search Process for Walker, Michigan Real Estate Transactions
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 examines public records to verify the seller's legal right to sell a property and uncover any claims or liens against it. This process ensures that the property has a clear title, which is essential for transferring ownership without any legal issues.
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 in a real estate transaction. It confirms that the seller has the legal authority to sell the property and identifies any existing encumbrances, such as unpaid taxes or mortgages, that could affect the transfer of ownership. Without a title search, buyers could inherit these issues, leading to potential legal disputes and financial losses.
What Records Are Examined?
A comprehensive title search involves examining various public records, including:
- Deeds and Mortgages
- Tax Records
- Judgments and Liens
- Wills and Probate Records
- Maps and Plats
These records are typically accessed through the county recorder's office or online databases. In Walker, Michigan, this information can be obtained from the Kent County Register of Deeds.
Common Title Issues Found in Michigan
In Michigan, some common title issues include unpaid property taxes, outstanding mortgages, and liens from contractors. There may also be disputes over property boundaries or claims from heirs. These issues need to be resolved before the closing of the sale.
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How Long Does a Title Search Take?
On average, a title search in Michigan takes between 7 to 14 days. However, the timeframe can vary depending on the complexity of the property’s history and the efficiency of the county recorder’s office. Sonic Title prides itself on conducting thorough and swift title searches, ensuring that delays are minimized for our clients.
What Happens if Problems Are Found?
A common question we frequently hear at Sonic Title is: "What happens if problems are found during a title search?" The answer is that any identified issues must be resolved before the property can legally change hands. This may involve negotiating settlements for liens or correcting errors in the public record. Sonic Title assists in addressing these issues promptly to facilitate a smooth closing process.
While a title search identifies existing issues with a property’s title, title insurance provides protection against future claims or undiscovered issues. It is a one-time purchase that covers legal defense and financial loss, offering peace of mind to buyers and lenders.
Who Pays for the Title Search?
Typically, the buyer is responsible for paying for the title search as part of their closing costs. However, this can vary depending on the terms of the purchase agreement. Sonic Title ensures transparency in these costs, so buyers are fully informed before closing.
How to Read a Title Commitment
A title commitment is a document issued by a title company that outlines the conditions under which it will issue a title insurance policy. It includes:
- Schedule A: Basic details of the transaction, such as the property description and the proposed insured parties.
- Schedule B: Exceptions to coverage, such as easements or restrictive covenants.
- Schedule C: Requirements that must be met before the issuance of the policy, like resolving outstanding liens.
Protecting Yourself as a Buyer
To protect yourself as a buyer, ensure that a thorough title search is conducted and consider purchasing title insurance. Work with a trusted title company, like Sonic Title, which has extensive experience serving Walker and the broader Metro Detroit area. Our expertise ensures that you have a smooth and secure transaction.
Whether you're buying your first home or your next investment property, Sonic Title is here to help. Call us at (313) 251-5145 for a free consultation and let our team guide you through the title search and closing process with confidence.
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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.