During the homebuying process, your mortgage lender will likely require that you have a title search performed to ensure that there are not any hidden issues with the property that could rear their head after the purchase is finalized. Purchasing a home is a major financial undertaking, and you will want to know how much to budget for each step, and that includes the title search.
What Exactly is a Title Search?
A property title search is the process of gathering documents that show who has the legal right to own the property in question and, through that ownership, to sell it. While it may seem simple and obvious that the home seller is the owner, there may be hidden claims or liens on the property by other parties that the seller and buyer may be completely unaware of. To avoid any last minute surprises and guarantee that the buyer becomes the sole owner of the property, a property title search is critical to ensuring any property transaction goes smoothly for all parties. Scott Title Services has been offering the highest quality in property title search services for over two decades to clients throughout New Jersey.
How Much Does a Title Search Cost?
Depending on the complexity of the search and also taking into account whether it is commercial or residential property, the search cost can vary. A single family home can cost a few hundred dollars while more detailed searches for larger properties may cost upwards of a thousand dollars. If you want a more precise estimate on a specific location, you should reach out to a title company to discuss costs.
Could I Perform a Title Search on My Own?
Compared to many of the costs associated with purchasing a property, a title search is not going to set you back that much financially. While it is possible to perform a title search with public property records, it is generally going to be in your best interest to leave it to an expert. It takes skill and practice to truly know every index and place you need to search before being confident you have completed a full review of the records for the specific property you are searching. Performing a title search yourself without any experience opens you up to missing things that could be major problems in the future. It is best to hire a title company that performs in depth title searches and knows exactly what to look for and where to look for it.