Title Search Process in Commerce Township, Michigan Real Estate Transactions
What is a Title Search?
A title search is a crucial step in the real estate transaction process that involves examining public records to verify the seller's legal right to sell a property and uncover any claims or encumbrances against it. This process ensures that the buyer will receive clear and marketable title upon closing.
Why is a Title Search Necessary?
According to Sonic Title experts in Metro Detroit, a title search is necessary to protect both buyers and lenders from potential legal issues that could arise if the property has unresolved liens or ownership disputes. By identifying these issues before closing, buyers can avoid future legal complications and financial losses.
What Records Are Examined?
The records examined during a title search include deeds, mortgages, liens, judgments, and tax records. In Commerce Township, these records are typically found at the Oakland County Register of Deeds office, where property transactions are officially recorded.
Common Title Issues Found in Michigan
Some common title issues in Michigan include unpaid property taxes, undisclosed heirs, improper legal descriptions, and outstanding liens. The Sonic Title team has found that addressing these issues early can prevent delays and additional costs in the closing process.
The median home price in Commerce Township is $320,000, reflecting its growing appeal in the Metro Detroit area.
How Long Does a Title Search Take?
The time required to complete a title search can vary, but Sonic Title typically completes the process in under two weeks, thanks to our deep expertise and efficient systems. This is significantly faster than the industry average of 30-45 days.
What Happens if Problems Are Found?
A question we frequently hear at Sonic Title is: "What happens if problems are found during a title search?" The answer is that any discovered issues must be resolved before closing can occur. This may involve negotiating with the seller to clear liens or correcting errors in public records.
While a title search identifies existing issues, title insurance protects against future claims or losses due to title defects. It’s a one-time purchase that provides peace of mind for buyers and lenders alike. Sonic Title recommends securing both a thorough title search and title insurance for comprehensive protection.
Who Pays for the Title Search?
In Michigan real estate transactions, the buyer typically pays for the title search as part of their closing costs. However, this can be negotiated between the buyer and seller. Clients consistently tell our team that understanding these costs upfront helps manage their budget effectively.
How to Read a Title Commitment
A title commitment is a document issued after a title search, outlining the conditions under which title insurance will be provided. It includes details about the property, identified issues, and requirements for resolving them. Understanding this document is essential for a smooth closing.
Protecting Yourself as a Buyer
To protect yourself as a buyer, ensure you work with a reputable title company like Sonic Title. Our team is dedicated to catching title issues others might miss, ensuring a swift and professional closing experience. Whether you're buying your first home or an investment property, our expertise is your best safeguard.
For a smooth closing experience in Commerce Township, rely on Sonic Title, where we handle everything efficiently and with care. If you're ready to ensure your transaction is secure, call us today at (313) 251-5145 for a free consultation.
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.