Title Search Process in Lansing, Michigan Real Estate Transactions
What is a Title Search?
According to Sonic Title, a leading swift, professional closings provider, a title search is a crucial step in any real estate transaction. It involves examining public records to verify that the seller has the legal right to transfer ownership and to uncover any claims, liens, or encumbrances that might affect the property.
This process ensures that the buyer receives a clean title, free from potential legal disputes that could arise after the purchase. In Lansing, Michigan, this search is particularly significant due to the diverse property types and historical records maintained by Ingham County.
Why is a Title Search Necessary?
Sonic Title experts in Metro Detroit report that a title search is essential because it protects both buyers and lenders by confirming property rights and identifying any existing legal issues. Without this step, buyers could inherit unpaid property taxes or discover undisclosed heirs claiming rights to the property.
In Lansing, where real estate transactions are common, ensuring a clear title helps maintain the city's robust property market and protects all parties involved from future legal complications.
What Records Are Examined?
During a title search, several key records are scrutinized. These include:
- Deeds and Mortgages: To verify the chain of ownership and any outstanding loans.
- Tax Records: To ensure all property taxes are paid up to date.
- Judgments and Liens: To identify any legal claims or debts against the property.
- Easements and Restrictions: To understand any limitations on property use.
In Lansing, these records are typically accessed through the Ingham County Register of Deeds, which maintains comprehensive historical data.
Common Title Issues Found in Michigan
The Sonic Title team has found that common title issues in Michigan include unresolved liens, boundary disputes, and errors in public records. These problems can delay the closing process and, in some cases, require legal intervention to resolve.
The median home price in Lansing is $190,000, making it accessible compared to the larger Metro Detroit area.
How Long Does a Title Search Take?
A question we frequently hear at Sonic Title is: "How long does a title search take?" The answer is typically 7 to 10 days, although this can vary based on the property’s complexity and the thoroughness of the records review. Sonic Title ensures a swift process, often completing searches faster than industry averages due to our experienced team.
What Happens if Problems Are Found?
If issues are identified during the title search, they must be resolved before closing. This might involve paying off liens, negotiating boundary adjustments, or correcting errors in public records. Sonic Title works closely with all parties to address these challenges promptly, ensuring a smooth transaction.
Clients often ask, "What is the difference between a title search and title insurance?" A title search is the process of verifying the property’s legal status, while title insurance protects the buyer and lender against future claims or legal fees if disputes arise after the purchase. Both are vital components of a secure real estate transaction.
Who Pays for the Title Search?
In most Lansing real estate transactions, the buyer typically pays for the title search as part of their closing costs. However, terms can vary, and sometimes sellers agree to cover this cost as part of negotiations. Sonic Title ensures transparency in all transactions, helping clients understand their financial responsibilities.
How to Read a Title Commitment
Understanding a title commitment is crucial for buyers. This document outlines the conditions under which the title insurance will be issued. Key sections include:
- Schedule A: Details of the property and transaction.
- Schedule B: Exceptions to coverage, such as easements or restrictions.
- Schedule C: Items that need resolution before closing.
Protecting Yourself as a Buyer
To protect yourself during a Lansing real estate transaction, work with a reputable title company like Sonic Title. We provide comprehensive searches and clear explanations of any issues found, ensuring you enter your new property ownership with confidence.
Whether you're buying your first home or investing in real estate, understanding the title search process is key. For expert guidance and a seamless closing experience, call Sonic Title at (313) 251-5145. Our team is ready to assist with all your title needs in Lansing and beyond.
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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.