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If you’re considering buying property, you want to know about its history. You need to find any documents related to what might have happened in the past, and you want to know about any regulations that relate to it. Anytime there’s a prospective purchase, a property title search is performed so certain questions can be answered before the final sale or if the owner wants to mortgage the property. First Financial Title Agency of Minnesota in Burnsville is the place to go for help with this. Here, they discuss the two most common types of property title searches.

2 Types of Property Title Searches

1. A Full Coverage Search

A full coverage search is usually done during the sale or resale of a property, and it can also be done for any real estate transactions that involve a construction loan. It looks for liens, easements, restrictions, or any other agreements that are related to the property.

2. A Limited Coverage Search

A limited coverage search is usually done when the owner wants to refinance the property, especially when it involves an equity loan. It looks for any liens or bankruptcy proceeding against the property owner.

What a Title Company Does for You

property title searchPeople often use a closing title company to perform the search, but they can also work with an attorney. It usually involves an extensive search of any land records, as well as documents related to a specific event that’s tied to the property. These records are kept in county courthouses, but they can be stored in municipal offices as well.

Owners can also go to a title insurance agent to purchase a type of indemnity insurance that will protect them from any related problems that may occur later on. This can include any liens that may have been overlooked during a property title search. The company will put together a report supporting its findings, but sometimes, a search can be performed before a contract has been finalized. It can also be performed while a property is in the escrow phase of the closing process, and title insurance can be used to protect the owner from any financial losses that can result from these types of issues.

If you want to purchase a property, you should do a property title search to find out about any potential legal issues related to it. This will protect you in the long run. For help with this process, call First Financial Title Agency of Minnesota in Burnsville at (952) 831-5010, or visit their website to find out more. 

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