Investing in real estate is a significant decision, which is why you must have as much information as possible about a prospective property. A property title search returns ample useful information, as well as informs you of any issues with the home. Here are a few basics regarding title searches that illustrate why they’re so valuable.

Frequently Asked Questions About Property Title Searches

What’s does a title report include?

Title reports have essential information about a property. This includes zoning information, the value of the property, who rightfully owns it, judgments against the current owner, tax information, and a legal description of the property. As a potential buyer, you must be privy to this information to make the best decision.

How long does it take to receive the title report?

While the timeline will vary depending on who’s performing the title search, it should take about two weeks or so. If you want the information quickly, work with a title & escrow agency. An agent will locate relevant info much quicker than a home buyer, who lacks the necessary knowledge on the process.

What are a few common title issues that arise?

If the current owner owes money to others, for taxes or prior work performed on the home, there could be a lien on the property. You will also discover encroachments during property searches. In this case, an adjoining landowner may feel that the property you’re buying somehow infringes on theirs.

Should I buy title insurance?

A title insurance policy protects your interest as the new owner. For example, if another owner emerges and claims the seller didn’t have the right to sell the property, your title insurance will offer funding to protect you.

If you need a property title search in Burnsville, MN, First Financial Title Agency of Minnesota, Inc., is here to help. Since 1989, this title agency has helped buyers purchase new homes with confidence. Along with helping you discover any possible issues, they also provide title insurance policies to protect you in the future. Get a quote today by calling (952) 831-5010. You can also visit the website to learn more about their services.