Importance of Title Search in Lehigh Valley and Bethlehem, PA

Posted by TraditionalAbstractPA on March 9th, 2024

Owning a property is a dream that every American harbors. The process is not as simple as buying a retail item. Instead, the long process commences once the prospective buyer selects the parcel of land, home, or any other landed asset by connecting with a realtor or lender. Conducting a title search in Lehigh Valley and Bethlehem, PA, to establish the property's ownership is necessary. The title must be clear and free to be transferred as well.

There is no hard and fast rule about hiring an individual or a company to do what is needed. While one can go about it singlehandedly, it is advisable to do it by an experienced professional or a title company. This ensures zero mistakes and proves that the title is free to be transferred in exchange for money. The transaction may also take place without the search, but this may throw up multiple risks that will be hard to dispel in the future.

A layperson who desires to buy a home does not have the necessary knowledge or skills. While the new properties are sure to be listed in public records, the old ones may require going through documents as the property had been bought or sold well before the records were computerized. The importance of a thorough and meticulous title search is done for the following reasons:-

· Ensure Absence of Liens/Encumbrances- This is one of the primary reasons to conduct a title search. It suffices to know that a lien is a legal claim filed by a third party that may be a contractor, creditor, or any other party having an interest in the property. The existence of a lien prevents the ownership from changing hands. What's more, a substantial debt by the owner against the property may result in foreclosure, too. The existence of an encumbrance may not prevent the buyer from taking possession but may limit the use of the property. Finding out more about such hindrances can help the buyer make an informed decision

· Title Defects/Disputes- Disputes may arise when there are multiple claimants or the same property. Such disputes often end up as a legal battle that the court takes up. A defect in the title may exist due to a clerical error in the deed or forgery. Early identification of such problems enables the buyer to rectify the tile as needed. The title is free to be transferred once it is clear

· Protection of Investment- Purchasing property is a big step that involves a substantial financial commitment. One is eager to protect the investment, therefore. Sure, there have been many instances of buying property without a title search. These may result in significant financial loss when additional legal claims are made on the same property. It is thus essential to check and be ensured of the ownership before going through the expense

Connecting with a title company can help the property buyer close the deal satisfactorily by ensuring settlement services in Allentown and Bethlehem, PA.