Why Do I Need A Title Search Before Buying A Property?

After spending hours or days looking for a place, you finally found your dream home. However, there are things you need to consider before signing that agreement. You have to make sure that you protect your rights as a buyer. 

What To Do

Why Do I Need A Title Search Before Buying A Property?

One of the first things you need to do is to have a title search. You can ask your real estate agent or mortgage lawyer in Edmonton to conduct this for you.

The land title serves as proof of the rights of a person to a piece of property. A title search will show whether the property that you plan on buying is sellable and free from liens or defects. 

Why Do It

A Title Search can help you find out about the history and issues associated with the property. It will help you better understand the land that you are planning on purchasing.

  • The title search will validate if the sellers are the real owners of the land. You will also find out how many times the property went through transfers. If there have been numerous owners is a short time, you may have to further investigate the property. You may also discover if other people are still connected to the land.
  • It will confirm the legal description of the property. You can check if the description in the agreement is the same as the one registered. This way, you can avoid possible issues in the future.
  • You will find out if there are any restrictions registered to the land. For example, if you find out that the home has historical significance, you may not be able to renovate some features. A title search will make sure you do not violate any restrictions that protect such properties.
  • It allows you to investigate possible liens against the property. A title search will tell you if there are rights to keep possession until the payment of a debt. The title search will let you know all registered mortgages. The seller is generally responsible for removing any financial interests in the land.

A title search is a way to protect yourself as an owner and a prospective buyer. It reveals relevant information that will affect your purchase. To protect your investment, you may want to consider hiring a mortgage lawyer in Edmonton. The experience and knowledge of a real estate lawyer will make sure your property purchase runs smoothly.

2020-03-26T18:09:43+00:00