Whether you’re looking to purchase a new home for your family or relocate your business, it’s important to ensure you understand the history of the property. Unfortunately, many people don’t look into the history of the property they’re purchasing, which can lead to intense legal trouble down the line. As such, it’s critical to ensure you conduct a property title search before signing any documents. Unsure what this is or how to perform one? The following blog and Montgomery County, PA real estate attorneys can help you learn more about this process so you can feel confident in the investment you choose to make.
What is a property title search?
A property title search is an important part of a real estate transaction, whether it be residential or commercial. Essentially, this ensures the property is owned by the person who says owns it, as well as ensuring there are no ongoing or otherwise unresolved legal actions against the property. For example, it will look to ensure there are no tax liens or bankruptcies on the record. The last thing you want is to buy a property that has a financial holding against it, leaving you vulnerable.
Additionally, this search will sift through all previous deeds to ensure they are in order. Generally, if you find that the current owner has an illegal deed, it can impact its enforceability. On a similar note, if you purchased a home recently after the owner died, the home could be going through probate. As such, someone who has a legal claim to the property could impact the outcome of the sale.
As such, conducting a property title search can help ensure everything is by the book to offer you additional legal protection during this process.
How do I conduct one?
If you are looking at a property, understanding the title search process is critical. Unfortunately, many people assume this is a simple process in which they submit a request and receive a report in the mail. However, this is far from the truth. In reality, you’ll need to obtain and examine the following documents:
- Deeds
- Land records
- Liens
- Judgments
- Probates
- Divorce
- Bankruptcies
Should I call a lawyer?
As you can see, obtaining and understanding the information within these documents can be an incredibly overwhelming process. Because you have an investment on the line, it’s in your best interest to connect with an experienced attorney as soon as possible if you are purchasing a commercial or residential real estate property.
When you’re ready to take the necessary steps to purchase a property, it’s imperative to connect with a lawyer from Friedman Schuman who can walk you through this complex process. Unfortunately, many people believe they can do this own their own without understanding the implications a single error can have on their future. As such, letting a lawyer handle these complex matters is critical. Connect with our team today to learn how we can guide you through these challenging times.
