Need For Settlement Services in Allentown and Nazareth, PA

Posted by TraditionalAbstractPA on January 12th, 2022

The process of buying and/or selling property can be too complex to understand. Sure, one may hire the services of a competent real estate agent but waiting for the closing can be a harrowing experience for many. It is advisable to do a property title search in Lehigh Valley and Easton, PA, so that all problems pertaining to the said property come to light.

Statistics reveal that a majority of closing problems arise due to faults in property titles. It is essential to realize the flaws and make rectifications to speed up the closing. A first-time property investor may not be well versed in the process and relies on other individuals. It is advantageous to be aware of the procedure involved to hasten the process by taking the right measures. Some of the information that becomes imperative for the concerned buyer/seller to be aware of include:

Property Title

The person whose name is in the records as the property owner has the title to the property. The individual(s) has the right to sell it to another individual as desired. While this seems to be quite straightforward, there may be complications too. Any liens or claims on the said property must be settled first to sell it to a chosen buyer. Marital disparity resulting in divorce or inheritance issues may also complicate the ownership.

Property Title Search

All records related to a particular property should be documented and submitted to the concerned Department. Searching for the title can be outsourced to a professional searcher or a company to get quick results. However, the prospective buyer is free to search singlehandedly, but it may take ages with incomplete results surfacing from the findings.

The search results unearthed by a professional are usually comprehensive. All public records are checked to discover the associated facts. It is not surprising to know that there are two or more claimants of the same property. Moreover, a contractor engaged in home improvement may put a lien on the property if the dues remain unpaid. The title is sure to include any restrictions on the property that disallow construction or use of the said property. Other activities that may not be permitted to the existing owner can include any one or multiple of the following aspects:

•  Building a fence around the property
•  Obstructing the view of the neighbor next-door
•  A limited number of vehicles allowed to be parked in front of the property
•  No permission to construct additional structures on the premises
•  No permission was granted for operating a business
•  Restriction for keeping pets
•  Usage of specific colors on the external walls
•  A limited number of bedrooms permitted
•  Knowing the dos and don’ts makes it easier for the buyer to make the final decision.
•  Title Insurance

The new property owner is obligated to buy the lender’s title insurance to protect the lender from financial risks in the future. They are also advised to buy a home owner’s title insurance to remain secure from future defects in the property.

Title companies also provide settlement services in Allentown and Nazareth, PA, to ensure the quick and hassle-free transaction of property and closing.