Purchasing and investing in a house is never an easy task. Now that you have bought your dream home, it is time to wrap up all the necessary formalities for your peace of mind.
A title search company makes the process a tad easier for you as a homeowner. With a projected rise in home sales by 7.1 million in 2021, in what ways can these companies help you?
Title search company New Jersey – Whether you’re buying, selling, or leasing a property, Cortes & Hay Title Agency has two convenient locations in Flemington and Hoboken. You can come to us with complete confidence that we’ll handle your title services promptly and correctly.
To answer, a title company ensures and verifies that the real estate title is transferred to the home buyer. Moreover, they even guarantee that a particular seller has the right to sell the property to you.
Hence, before shifting your belongings to your new house, you may want to double-check the legal ownership of the property.
Here is why you need a title search company.
What is a Title Search Company?
A title is a property approach that establishes which party or individual legally owns the property or has a claim on it. Once you buy a property, the title is supposed to be transferred to you, providing you with the ownership. This is where a title search company comes in.
A title search company in New Jersey will help you identify any legal issues or claims underlying your property. Moreover, they even go the extra mile to conduct thorough research to ensure the seller’s rights.
Here is the verification process managed by a title search company.
Public Records Search – A title company conducts an in-depth examination of the public records on properties. This search can be taxing due to the various jurisdiction and liens attached to a particular house.
Due to this reason, most title search companies today have a comprehensive database and method for a more streamlined search.
Findings From Survey – Apart from the liens and judgments on the property, a title search company has a broader responsibility. They help find out any existing building restrictions, encroachment on the neighboring land, info on mortgages, taxes, etc.
Why Do You Need a Title Search Company?
By now, you would have understood the role of a title search company. Here is why you need them for your next home investment.
History of the Property – A title search company will help you recognize any underlying issues, if present, with the history of your property. These may include unfinished debts by the previous owner. If these are not cleared before, they may get transferred to your name.
Know About Mortgages – A title search company will let you know any outstanding mortgages held with your property. Once the mortgages are cleared, the title can be easily transferred to your name.
Property Heirs – With a title search, you will be able to know if there are any heirs to the property you are planning to buy. A title search company lets you figure out any unknown heir to the property’s previous owner.
Besides, if you fail to search, you could lose the house to the heir if they could prove their claims on the property.
Title Insurance – Once the company is done with the verification, it goes on to present title insurance. It safeguards the buyers or owners from any claims that may arise regarding the ownership of the house.
Conclusion
Buying a house is a long-term investment. Hence, you must know the details of the title search process before committing. With a title company, you will be able to safeguard your property from any false claims and secure a home for your family’s future.