3 Things to Know About Property Titles

3 Things to Know About Property Titles

Sep 18, 2018

If you are a first-time buyer, many of the documents involved in the closing processes of buying a home can feel a bit overwhelming. In the following article, we will discuss property titles. The title is the legal documentation that includes specifics about the property that you’re about to buy and who owns it, all done often in the form of a deed. This is just one of the steps involved in buying a home, a title search completed before closing is also required. Title searches are most typically performed to ensure that the title is clear and that you won’t have to be bombarded by an unsuspected surprised. Most home purchases are made with very little hassle, but some issues that do arise can oftentimes involve the title.

Purchasing Title Insurance

After you’re under contract on a house, one of the first things you do is buy title insurance. Title insurance comes in two kinds of policies that include owner’s title insurance and lender’s title insurance. Each of these types of insurances either protects the buyer or the lender. The policy provides coverage that is equal to the amount you’re paying for the property, and it protects the owner if a problem is discovered after the search has been completed.

Prior Claim to the Title

Most title investigators to look for claims on the title that may affect your current purchased. The search includes public records and other land records that span over the course of multiple years. There are a few common issues that can arise once investigator looks for claims on titles such as forgery, mistakes or omissions on deeds, and a contractor that was not paid for work completed.

What to Do with a Title

After becoming the owner of your new home, it is important to place your title in a safe place. Many home buyers opt to place them in a safety deposit box at their locally trusted bank.

At American Property Buyers in Houston, TX, we want all of our clients to feel as though they’re involved with much of the processes we take on for them. This feeling of involvement is crucial, especially for first-time home buyers. We do everything we can to help and are constantly searching for your input and making the best decisions for you and your family. If you’re interested in buying a home, or if you have questions about the entire process, feel free to contact us at our Houston, TX, office at the time most convenient for you. Give us a call or send us an e-mail today.