Skip to main content

What you Need to Know About Property Titles

 


    There are a lot of steps when you are first buying a home, it involves finding a property, securing financing, making an offer, getting a home inspection, and eventually, when you have found the right fit, closing on your purchase. One of the most important steps before closing in on your new home is purchasing your title insurance. Here at Southern Title of Ohio LTD. we offer a multitude of services from construction loans and bankruptcy searches, to title insurance services. It is important that you are protected from whatever may happen after the initial search is done on your house, so we are here to tell you a little bit about what a title is and why it is imperative to your home buying experience. 

    A title is legal documentation that includes the specifics about a property you are purchasing and who owns it, often in the form of a deed. One of the steps in home buying is to have a title search completed prior to closing on your purchase. It is needed to ensure that the title of the house and property are clear and that there are no unexpected surprises, and while most issues are easy to clear up and take care of, it is still important to know what you are getting yourself into. 

    When you purchase title insurance, there are two kinds of policies that are involved, owner's title insurance and lender's title insurance. Owner's insurance protects the owner if a problem is discovered after the search is complete, and the lender's insurance protects the lender if anything were to happen as well. Once this is bought, and prior to claiming the title, the title search will be done. The search will include public records and other land records spanning over many years. This is why it is so common to run into issues when going through the search. Most issues are simple to fix, and usually requires whoever is involved with the property before you to sign over their rights to the land. It is important to keep you title in a safe place and if you do happen to lose it, you can go to your clerks office at the county courthouse where the property is located, and request a copy. 

    If you are purchasing a new home and need assistance with your title call us at our office in Mansfield, Ohio at (419)-525-4600. We are more than happy to help you. We also have four locations throughout Ohio in Wooster, Galion, and Sandusky for your convenience, including our location in Mansfield, Ohio. If you need assistance at any of our other locations click here. We hope to hear from you soon!

Comments

Popular posts from this blog

Stress Free Home-Buying

We know buying a home can be a stressful and lengthy process, but it doesn’t have to overwhelm you. It’s easy to let your emotions run wild when choosing a place to live and raise a family, but by understanding key steps to the home-buying process, you’ll make the best decisions for your home purchase. Here are some important factors to consider before purchasing a home : What are you looking for in a home? (size, style, location etc.) How much can you afford? Have you saved for a down payment? What is the housing market like? Are you in the right life stage for home-buying? If buying a home is the best step for you, here’s how to get started. Save, Save, Save! Save for a down payment. Don’t let financial stress overshadow the joy of buying a home. Consult with a Lender Determine how much you can afford to spend and find a loan option that’s right for you. Find a Realtor and Title Agency Y ou will need expert help in finding and securing y

Common Title Problems

Title Insurance is an extremely important part of buying your home. Sure, it might be new to you but the property still has a history you may not be aware of. Title Insurance covers you from problems you discover after closing on your home. While there are as many issues as you can imagine, as a title company in the Mansfield and Sandusky area we're going to talk a little about the ones our clients are at the most risk of experiencing. 1.  Public Record Errors - Clerical or filing errors could affect the deer of your property and may cause a financial strain to undo them yourself. 2. Liens - Unknown liens come from a previous owner that is behind on their payments. The debt stays with the property regardless of who owns it.  3. Illegal Deeds - Occassionaly deeds are signed by people who affect their validity. Someone who is a minor or a person who has been rule unsound of the mind can affect the future chain of owner's rights.  4. Forgery - A document that wa