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What is the title search, and how does it affect a purchase?

On Behalf of | Dec 11, 2022 | Real Estate Titles

The purchase of either commercial or residential property is a lengthy legal and financial process. One of the most critical stages of this process is the title search, and this step must be completed in order for the closing to happen. Whether you are the buyer or seller, it is in your interest to understand how the title search works and what happens if there are issues during this process. 

The title search is the process of carefully examining public records in order to clearly establish the ownership of a Texas property. In order to transfer property upon closing a sale, there must be no question about who currently owns it. If there are issues with the deed, there are multiple claims on a property or ownership of the property is not clear, it can cause significant delays in the purchase process. 

Finding out if the title is clean 

In order to find out if the title is clean, there must be an extensive search of public records, including land records, court judgments, deeds, tax liens and more. While these searches are normally conducted by title companies, a business or individual can request one. If there is a lien or defect on the title, the transaction cannot move forward until there is a resolution. After a title search is complete, there will be a report, and the buyer can point out the defects to the seller.  

If the issue with the title is significant enough, you may decide that you do not want to move forward with the transaction. When buying certain types of property, it is prudent to have title insurance. This type of policy protects your property against future claims, even if your heirs have ownership of the property after you pass. As the buyer, it is important to protect your interests, even during the purchase process. 

Experienced guidance regarding title issues 

Title issues are complex matters that can stand between you and your real estate goals. If you are buying either commercial or residential property, you will benefit from understanding how to navigate title defects and other problems. Buying property is an investment, and knowing how to protect your interests at every step is critical. You may find it helpful to have experienced guidance as you seek a beneficial conclusion to your property purchase.