Importance of Property Title Search in Nazareth and Bethlehem, PA

Posted by TraditionalAbstractPA on July 10th, 2022

The desire to purchase property is nothing new. Indeed, people have been investing in properties since time immemorial. Buying a home or a plot of land is not as simple as purchasing a product at a retail store. It may be essential to contact a reputed realtor to discover the right property. Handing the required sum may require the assistance of a lender, preferably a bank or financial institution. The said institution will insist on title insurance to safeguard the amount. This can be done effectively by hiring a seasoned abstract title company in Bethlehem and Easton, PA.

Every property is sure to have an associated title deed that clarifies the legality of the existing owner. Why would the prospective buyer need additional support by insisting on a property abstract too? All the concerned parties should make an extra effort to know the significance of the title and its abstract.

It suffices to learn that the abstract is a written property title record. It will refer to all legal matters related to the title by summarizing the facts that help the buyer and seller to be satisfied that the property can go through the legal transaction procedure in the future. It makes sense to request a copy of the abstract before proceeding with such a transaction when the possibility of another property claimant is bright.

Inclusions in the Abstract

The entire list of legal documents related to the said property is included in the abstract. An old property is likely to have multiple pages included in the abstract, but it is the onus of the prospective buyer to go through it and check the documents that matter. The documents will be listed chronologically, making it easier to look for a specific document(s). The first inclination of the interested buyer would be o request the original deed of grant and view it to ensure that there is no illegality involved.

This document includes the grantor's name and the grantee's location, and the legal description is detailed. Thus, one can understand the existing ownership, the number of years of owning it, the sum paid as a mortgage loan, and the total taxation amount. This document is also referred to as the chain of title that highlights the name of each owner by tracing the history of ownership changes since it was constructed.

Title Search & Abstract

Both the title search report and the abstract title reveal the ownership status by tracing the property's history. The title search will only display the last 40 years of possession, whereas the abstract title will trace the entire record to the time when the plot of land was bought or cleared by the government for construction.

Hiring an experienced company to handle a property title search in Nazareth and Bethlehem, PA, is essential. The buyer will have the ownership authenticated by the search and would be able to buy the title insurance from the same company to satisfy the lenders at the same time.