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Get a title search, get a title search, get a title search
I almost typed that in all caps like I was yelling at you. If you buy property and get a loan you will have a title search. However, for a cash deal it isn't a legal requirement, nor is title insurance, but IT'S STUPID NOT to get a title search. Even if you are inheriting property it would be beneficial to you to have the probate attorney do a title search or hire your own. (Granted your state may be different and you may be hiring a title company or escrow company) but in Georgia you want a title search you call a real estate attorney.
I have a contract on a listed property where no title search was involved on the previous transfer of title to the current owner. I was made aware there was a loan on the property as was the closing attorney. What I was not aware of was a lien. A lien that was in place to the former owner before my seller got title by way of a quit claim deed. And as it turns out that transfer (which came as a settlement) was now worth significantly less than prior belief because this lien has to ... more
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