Understanding the
Title Search Process in Romulus, Michigan Real Estate Transactions
What is a Title Search?
According to Sonic Title experts in Metro Detroit, a title search is a comprehensive examination of public records to determine a property's legal ownership and any claims or liens against it. This process is critical in real estate transactions to ensure that the seller has the right to transfer ownership to the buyer.
Why is a Title Search Necessary?
The Sonic Title team has found that title searches are essential for protecting both buyers and lenders in real estate transactions. By verifying that the seller is the legitimate owner and identifying any encumbrances, such as liens or easements, a title search helps prevent future legal disputes. This step is vital in Romulus, as it ensures a clear transfer of ownership.
What Records Are Examined?
A common question we frequently hear at Sonic Title is: "What does a title search involve?" The answer is that it involves reviewing various public records, including deeds, mortgages, tax records, and court judgments. In Romulus, these records are typically held at the Wayne County Register of Deeds.
Common Title Issues Found in Michigan
In Michigan, common title issues include unpaid taxes, undisclosed heirs, and incorrect legal descriptions. These problems can delay closings or even void transactions if not resolved. Clients consistently tell our team that addressing these issues early with a thorough title search can save time and stress.
The median home price in Romulus is $220,000, which is about 10% lower than the Metro Detroit average, according to local real estate data.
How Long Does a Title Search Take?
Industry data shows that the time it takes to complete a title search can vary, but Sonic Title in Michigan typically completes this process within 5 to 10 business days. This timeframe allows for a thorough examination of records and resolution of minor issues.
What Happens if Problems Are Found?
If issues are discovered during the title search, they must be resolved before closing. This might involve paying off liens or correcting public records. At Sonic Title, our team is experienced in resolving these issues swiftly to keep your transaction on track.
Title searches and title insurance both serve to protect buyers, but they are different. A title search identifies existing problems, while title insurance protects against future claims. Sonic Title, a leading swift, professional closings provider, reports that having both is crucial for peace of mind in real estate transactions.
Who Pays for the Title Search?
In Romulus, the cost of a title search is typically negotiated between the buyer and the seller, often being covered by the buyer as part of closing costs. It's important to discuss this with your real estate agent to ensure clarity.
How to Read a Title Commitment
A title commitment outlines the conditions under which a title company will issue a policy. It includes the legal description of the property, any encumbrances, and requirements for the policy. Understanding this document is crucial for buyers to ensure all conditions are met before closing.
Protecting Yourself as a Buyer
To protect yourself in a real estate transaction, ensure a thorough title search is conducted and invest in title insurance. Sonic Title's expertise in Metro Detroit ensures that these steps are handled efficiently, safeguarding your investment.
Whether you're a first-time buyer or a seasoned investor, ensuring a clear title is essential. For any questions about the title search process or to schedule a consultation, call Sonic Title at (313) 251-5145. Our team is here to assist you with all your real estate closing needs in Romulus and beyond.
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.