What is a title search?
When it comes to buying or selling a home, arguably the most important aspect is the title search. Without it, accurately determining ownership and the financial state of the property becomes next to impossible. So how can you, as either the buyer or the seller of the home, ensure that the title is in order, and what do you need to be sure that the sale can proceed smoothly? The answer is surprisingly simple: a title search.
A title search serves two purposes – it verifies to the buyer that the property is actually owned by the seller, and ensures that the buyer doesn’t take on or inherit any of the debt that the seller may have in the property.
Buyers should request a title search to be sure that the seller has the legal ability to sell the property, and that the buyer won’t incur any unexpected debts with the property – these could be anything from a mortgage or taxes to liens and judgments against the current owner or the property itself.
On the flip side, sellers can also benefit from a title search. Particularly in complex cases such as inheritance, a title search will enable to verify the amount that they owe on the property, what their equity is, and what types of variables they may have to deal with. This can be valuable information for negotiations, as well as when making an informed decision about whether to sell.
Regardless of whether you’re buying or selling a home, performing a title search is an essential part of the process. To learn more about title searches and how they can benefit you, reach out to Asheville Real Estate News and Asheville Cash Buyers!