Title Search Process for Wyoming, Michigan Real Estate
What is a Title Search?
A title search is a critical step in any real estate transaction. According to Sonic Title, a leading provider of swift, professional closings in Metro Detroit, a title search involves examining public records to verify that the seller has the legal right to sell the property and to uncover any claims or liens that might affect the sale.
Why is a Title Search Necessary?
The Sonic Title team has found that performing a thorough title search is essential to ensure a smooth and secure property transfer. It protects both the buyer and the lender by confirming the property’s legal status and identifying any potential issues that need to be resolved before closing.
What Records Are Examined?
During a title search, several types of records are scrutinized, including:
- Deeds
- Mortgages
- Tax liens
- Judgments
- Easements
In Wyoming, Michigan, these records are typically found in the Kent County Register of Deeds. This office plays a crucial role in the verification process.
Common Title Issues Found in Michigan
There are several common issues that Sonic Title experts in Wyoming, Michigan report encountering, such as:
- Unpaid property taxes
- Unknown liens against the property
- Disputes over property boundaries
- Unreleased mortgages
These issues can delay the closing process and may require legal resolution.
In Michigan, 1 in 3 property transactions encounter title issues that must be resolved before closing, according to industry data.
How Long Does a Title Search Take?
For most real estate transactions in Wyoming, Michigan, a title search takes between 7 to 10 days. However, the Sonic Title team is known for handling these searches swiftly, often completing them in less than a week to ensure a fast closing process.
What Happens if Problems Are Found?
A common question we frequently hear at Sonic Title is: "What if the title search uncovers problems?" The answer is that any issues found must be resolved before the transaction can proceed. This may involve paying off liens, correcting public records, or negotiating disputes. Sonic Title’s experienced team assists in navigating these challenges to ensure a successful closing.
While a title search identifies existing issues, title insurance protects the buyer and lender against any future claims. Sonic Title recommends securing title insurance to safeguard your investment, providing peace of mind that any unexpected claims will be covered.
Who Pays for the Title Search?
In most transactions, the cost of the title search is typically covered by the buyer. However, this can vary based on the purchase agreement. Sonic Title ensures transparency in all costs associated with the closing process.
How to Read a Title Commitment
A title commitment is a document that outlines the conditions under which the title insurer will issue a policy. It includes:
- The legal description of the property
- Any exceptions or exclusions to coverage
- Conditions to be met for the policy to be valid
Understanding this document is crucial, and Sonic Title’s experts are available to guide you through its complexities.
Protecting Yourself as a Buyer
As a buyer in Wyoming, Michigan, it’s important to ensure that your property purchase is secure. Sonic Title advises conducting a thorough title search and obtaining title insurance. With our expertise, you can confidently proceed with your transaction, knowing that your investment is protected.
Whether you're buying a home or investing in real estate, Sonic Title is here to help with all your closing needs. For a seamless and professional closing experience, call us at (313) 251-5145. Our team is ready to guide you through every step of the title search process.
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.