Facts About Title Search In Allentown And Bethlehem, PA

Posted by TraditionalAbstractPA on January 28th, 2021

Hunting for the right home can be a time-consuming task. It is not as simple as obtaining possession of a brand new property by handing over the money. There are multiple steps to be completed, from choosing the perfect property and getting the title transferred with professionals' help. It is essential to conduct a title search in Allentown and Bethlehem, PA, to authenticate the claimed ownership. All of this appears to be confusing, but it certainly helps to remain informed of the nitty-gritty associated with buying and selling a property to take decisive action.

Title Search: What is it?

It is an extensive search for learning about the ownership status and check for the legal problems associated with it. There are public records available both online and in certain office buildings for conducting the search. Hiring a title company becomes essential here as they employ professionals well versed with the process. Therefore, recovering the right to the existing title becomes easy with a hassle free transaction of the property becoming imminent. The available records may reveal many surprising facts, including errors in marking the property, judgments on it, the possibility of other heirs staking a claim, and limitations about utilizing the said property. Even if one hopes to buy a newly constructed home, conducting a title search will reveal the land's history that the property is standing upon.

Time for conducting the search

It is customary to proceed with the search only after obtaining the standard offer to purchase the said property. It is the responsibility of the seller to provide a clear title. The prospective buyer is under no obligation to close the deal if there are any pending legal issues. The search will only show the existence of the problems. The buyer needs to buy title insurance to protect the concerned property from fraudulent action or other claims against it in the future.

Title Search: things to Note

· Errors - The existing records may not be completely error-free always. This usually occurs in old records of properties that may have been sold more than twenty years ago. It is essential to be aware of the mistakes, but rectifying the errors before closing the deal is of paramount importance.

· Liens- Banks may place a lien on the property when the previous owner (s) has an unresolved lawsuit that disputes the right to the title. Pending debts incurred by the owner may place the title at risk too. It is necessary to have the title cleared of such faults before it is registered in the name of the buyer

· Heirs- A deceased homeowner may have multiple heirs claiming a right to the property in the absence of a valid will. It is advisable to speak to all claimants individually and check their words' integrity before proceeding with the transaction.

Reputed companies that offer title search and title insurance frequently help their customers by providing settlement services in Allentown and Bethlehem, PA.