As part of the lending process, a title search is typically required, as well as a title policy. This protects buyers and lenders from anything that could prevent the titleholder from selling the property. The title holder from selling the property.
Here are some of the things that can create title issues:
- Unpaid property taxes
- Liens or encumbrances
- An incorrect legal description of the property
- Building code violations or incorrect surveys
- An unrecorded satisfaction of a mortgage
Most clouds on a property’s title can be corrected, but the transaction cannot be completed until these items are eliminated. Most real estate contracts contain a clause that requires the seller to convey marketable title to the buyer at the time of closing. So, the seller’s responsible for correcting any defects on the title.
Clearing title issues can be a complicated process, so if any are present, you may want to consider retaining a real estate attorney.
Watch the video below:
One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.