Get a title search, get a title search, get a title search

Reblogger Gita Bantwal
Real Estate Agent with RE/MAX Centre Realtors

Attention home buyers. Read this post and learn why you should get a title search when you buy a house.

Original content by Tammy Lankford, GREC# 169695

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 be paid for my seller to transfer good title. So not only is my seller losing money, they are also losing time. And as we all know time is money.

We're waiting for some negotiations to take place between my seller the lien holder. Those could be lengthy because it's not a private party. And if you've ever waiting on the government to get back to you then  you might have an idea why I'm expecting lengthy.  In this case our buyer is willing to wait. But this all could have been avoided had the current owner had a title search at the time the transfer was made to them from the previous owner.

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Topic:
Home Buying
Location:
Pennsylvania Bucks County
Groups:
Advice for Buyers

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Rainmaker
3,778,056
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Gita Bantwal,

Thank you for re-blogging this post! Excellent presentation on Title Searches by Tammy Lankford, and I missed it!

Dec 06, 2018 05:17 AM #1
Rainmaker
4,796,627
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks for the re-blog, Gita.  Great advice for all home buyers.

Dec 06, 2018 05:20 AM #2
Rainmaker
4,432,093
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Dorie, thank you for reading.

Dec 06, 2018 07:10 AM #3
Rainmaker
4,432,093
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Gabe, thank you for the comment.

Dec 06, 2018 07:10 AM #4
Rainmaker
3,978,839
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have seen a lot of issues that a title search has revealed. Down right scarry

Dec 06, 2018 07:21 AM #5
Rainmaker
4,432,093
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

William, thank you for the comment.

Dec 06, 2018 07:58 AM #6
Rainmaker
5,305,281
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Gita, for sharing this excellent reblog selection.

Dec 06, 2018 11:44 AM #7
Rainmaker
1,868,403
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Gita - very good re blog from Tammy Lankford, Get that title insurance.

Dec 06, 2018 12:15 PM #8
Rainmaker
4,432,093
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Roy, thank you 

Dec 06, 2018 03:18 PM #9
Rainmaker
4,432,093
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Grant, thank you for the comment.

Dec 06, 2018 03:19 PM #10
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Rainmaker
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Gita Bantwal

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
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