Your dream home can turn into a huge legal nightmare if you don’t take the right steps while taking the possession of it. Before signing off property exchanges, you must conduct a property title search so that you are not in the dark about its ownership rights and other legal battles. A homeowner might assure you with his word but only when you check the public record, will you discover all the internal issues with the given property. We, at Advanced Abstract, offer you Title Insurance, Escrow & Title Service, Abstracts in and around Allentown PA, Bethlehem PA, Easton PA, Reading PA, and Stroudsburg PA.
Here, we have put together a few reasons why you must get a title search done. Take a look.
- Steer Clear of Property Issues
A number of problems can occur with your home title such as filing errors, forgotten encumbrance, continuing border war etc, thereby threatening your line of the property. Your homeowner may intentionally keep a few things from you or he might also not be aware of certain things. So, it is better you take the responsibility on your shoulders and your safety in your own hands, and do the needful without any delay.
- Check the Chain of Title
The record of your property’s title transfers is known as the ‘chain of title’. It gives a comprehensive overview of the list of owners, right from the original owner till the present one. If you are interested in buying title insurance, this step is of utmost importance. Until and unless, you have a clean record in the chain of title, most companies will not provide you with the title insurance, which is quintessential for protecting you from any financial loss, in case of title defects post-purchase.
- Discovering the Outstanding Liens
Searching for liens is a way to ensure that you are not purchasing a property from someone who has a huge burden of debt on his shoulders. A public records search will open up all kinds of IRS liens, hospital liens, state tax liens, mechanic’s liens, child support liens, or abstracts of judgment. An unfavorable lien can make the process of transaction more difficult. So, it is vital to know about the existing liens before you make the purchase to make absolutely sure that you don’t end up settling another person’s debts.
Purchasing a home or investing in a new property is a major decision. So, instead of taking it lightly, quickly contact Advanced Abstract at 610-740-9100 to request a free quote today.