Attention home buyers. Read this post and learn why you should get a title search when you buy a house.
I almost typed that in all caps like I was yelling at you. If you buy property and get a loan you will have a title search. However, for a cash deal it isn't a legal requirement, nor is title insurance, but IT'S STUPID NOT to get a title search. Even if you are inheriting property it would be beneficial to you to have the probate attorney do a title search or hire your own. (Granted your state may be different and you may be hiring a title company or escrow company) but in Georgia you want a title search you call a real estate attorney.
I have a contract on a listed property where no title search was involved on the previous transfer of title to the current owner. I was made aware there was a loan on the property as was the closing attorney. What I was not aware of was a lien. A lien that was in place to the former owner before my seller got title by way of a quit claim deed. And as it turns out that transfer (which came as a settlement) was now worth significantly less than prior belief because this lien has to be paid for my seller to transfer good title. So not only is my seller losing money, they are also losing time. And as we all know time is money.
We're waiting for some negotiations to take place between my seller the lien holder. Those could be lengthy because it's not a private party. And if you've ever waiting on the government to get back to you then you might have an idea why I'm expecting lengthy. In this case our buyer is willing to wait. But this all could have been avoided had the current owner had a title search at the time the transfer was made to them from the previous owner.
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Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com
She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email firstname.lastname@example.org
If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491
Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others in my post and comments is not to be construed to be legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.