Homeowners looking to sell their Rhode Island property might not think a title search is all that important. After all, when the owner lived in a home for 20 years, how could the title search present any abnormalities? Paperwork errors and other issues might lead to problems, however, and requesting a preliminary title search may uncover issues in advance of listing the property.
Performing a preliminary title search
A title search establishes who owns the property. Furthermore, the search may uncover any financial claims tied to the property.
Homeowners planning on selling their homes may contact a title company to perform a title search. The do-it-yourself approach might not work as inexperienced persons do not know all the steps required for a comprehensive title search. Oversights could lead to delays and stumbles when a prospective buyer intends to make a purchase.
For example, a title search might reveal that a lien exists on the property. The lien may come from a home equity loan that the homeowner paid off several years ago. However, no one removed the lien, leaving it in place. Again, it could be best to handle such issues before listing the property and then discovering problems during the listing and sales process.
Addressing any issues with the title
Other real estate liens may come from tax issues or debts owed to contractors. Clearing up such matters might not be difficult, but the homeowner has to know about them to take action.
There could be other matters that the title search notes. Problems with encroachments and right-to-access rules may also require addressing. The owner might need to take legal action to deal with any issues when performing the title search.
A title search comes with costs as a title company is a commercial business. However, the search fees could save the homeowner money and time in the overall selling process.