How long does a title search take? Why Would I Need One?

Cities Title Services’ vision is to create a world in which every real estate transaction will be simple, secure, and satisfying.
How long does it take to do a title search?
Why is it necessary to conduct a title check?
Do I need title insurance?
It’s not surprising that investors who are new to the market ask these questions. You’re dealing with hundreds of thousands in money, so it is important to understand the steps involved.
We at Cities Title Services want to help investors understand the buying and selling process.
We will discuss title searches, insurance and other questions related to titles today. Let’s get started! We have a great deal to cover.
How long does a title search take?
The time required to perform a title check depends on the complexity of the documents for a property.
Abstractors at title companies are required to gather and review records from multiple sources in order to conduct a title search. The examiner may complete the search within a few days (if the property is newer) or even in a matter of hours (if the property is older).
What does the abstractor look for when doing a title search?
You will be asked to provide any negative marks on the property that you are interested in purchasing.
A title search will help you find out if there are any issues with the title. The most common problems titles include:
• Liens A lien may result from a loan that is still outstanding (such as an old mortgage), where the collateral was a property. Before the lien can be cancelled, the outstanding loan has to be paid at closing.
• Judgments : Sellers who are struggling financially may have judgments filed against them. They are similar to liens and must be cleared at the closing before the judgement can be removed.
• Back taxes: If a seller is behind in their property tax, it’s likely that the property will have a municipal lien. The seller must also pay off the lien at closing. If they owe income taxes, the IRS and/or State can place a lien.
• Easements The title check should include a thorough review of the legal description for the property to ensure that there are no easements from or to a neighboring property. It could be a shared driveway or that utility companies have access to part of the property.
• Third Party Ownership Claim: This usually happens when someone other than the buyer or seller has a claim to ownership in the property…Or if it wasn’t properly conveyed by the seller.
Q: Do I Need to Perform a Title Search on My Property?
A: Yes!
Mortgage lenders will require a title check if you plan to finance your purchase. You will be required to have title insurance. However, you can choose a different company.
Even cash buyers should conduct a title search to protect their investment. You do not want to be responsible for the debts of a previous owner!
Does Title Insurance Cover the Purchase of Real Estate?
A: No. But it is highly recommended.
As a buyer, you are protecting the lender by purchasing title insurance and conducting a search. This will protect your lender from financial obligations that could arise as a result of title issues.
Title insurance can protect you against financial loss even if the buyer is paying cash.
How much does a title search cost?
A title search costs between $75 and $200.
The cost to conduct a title check on a home depends on where the house is located. You can conduct a search yourself, but hiring a company to do the search for you is a good idea if it’s your first title search.
Q: What type of title insurance do I need?
If you’re a buyer, Lender’s Title Insurance is for you. If you’re a seller, owner’s title coverage.
The two types of title insurance are the same but one is for lenders and the other is for owners. There are also some extra coverages that an owner can buy: standard, ALTA Homeowner, and extended.
What is the cost of title insurance?
A title insurance policy costs on average $1,000, but this can vary.
Title insurance policies can range from $1,000 to $1,500 depending on how much the property costs and where you live. Some premiums cost as little as $110, while others can be as expensive as several thousand dollars.
The extra cost is well worth it if you want to be protected from any future title issues that may cause your home to lose value.
A title search is a necessary part of any real estate transaction
It’s not possible to say it any other way: You’re investing hundreds of thousands of dollar in a property. Title searches will protect that investment. You don’t need to worry about how long it takes title insurance to finish your next investment. The protection is worth the waiting.