If you are new to home buying or selling and are trying to complete a transaction without a real estate professional, you may wonder why it is recommended to get a title search. The main reason that it is strongly encouraged is because it’s an avenue to ensure the piece of real estate is real and valid that you are purchasing. The title company checks for outstanding liens against the property and provides insurance as well as ownership history. This helps protect all parties involved. For example, the buyer wouldn’t ideally want to buy a home only to discover there is an outstanding lien on the property that has now become their legal responsibility. That new owner could end up being financially responsible for the full amount due even though they did not own the property when the bill resulted. By working with a title company on your closing, you have the piece of mind that a search has been done by the title company to ensure the property you are buying has “marketable” title and is able to be sold and by getting title insurance there will be some protection from things that could happen. If this process was not done, then you could potentially buy a home only to discover that there are other parties that may have ownership rights to the property as well the ability to use your property due to an existing easement in place. Also, it’s worth noting that if you are purchasing the real estate with a mortgage, your lender will likely require a title insurance policy as a condition of the financing being provided.
To learn more information about title companies, check out this article
If you are looking for a Title Company to speak with in Delta County, I would encourage you to contact these companies to assist you:
Bay Title & Abstract
905 N Lincoln Rd
Escanaba, MI 49829
(906) 233-9000
Delta Title & Abstract
201 Ludington St
Escanaba, MI 49829
(906) 786-3582
https://www.deltaabstract.com/
If you have questions about the home buying or selling process in the Upper Peninsula of Michigan, feel free to contact me. Whether your purchase or sale of a property is in the near future or further down the road, I’m here to help you on your real estate journey. My name is Rick Curtis and I am an Associate Broker with Key Realty Delta County in Escanaba, MI. Call/Text (906) 280-6118 or email Rick@KeyRealtyUP.com
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