Why You Should Get A Title Report Before You Sell
The process of selling a home can be somewhat complicated even when problems do not arise, but this process can be even harder when issues come up. One issue that could impede your ability to close on selling your home is problems with the title of your home. To prevent this from happening, you should consider getting a title report of your home before you sell it, and here are a few things to know about this.
What is a title report?
A title report is a document containing important factual details about your house and its title. It tells who owns the house and which mortgage company holds the loan on it. It may also state previous owners of the house and the dates in which the title was transferred from owner to owner. A title report also gives the parcel number of the property and a detailed property description.
The other important detail you will find on a title report is lien information. If you have a loan on the property, you can expect the report to show a lien from your mortgage company, but there can be other liens on properties too, and this is something you will want to know before you sell. An example of a lien you might find is one from the IRS for taxes you never paid.
How can you get one?
You can get a title report by contacting any title company you choose. Title companies handle all types of title work, and they will normally provide a title report for $75 to $100.
What should you do if you find problems with the title?
When you receive your home's title report, you should carefully look at it to see if there are any liens on it besides the lien from your mortgage company. If there are, it's important to realize that you will have to pay these when you sell your house. They will automatically be deducted from your proceeds at the closing appointment. If you find liens that are not valid, you will have to try to fight them to get them off before you close on your house. This process can take time, which is why it is vital to find this out sooner rather than later.
Getting a title report is not expensive, but it can save you from hassles later on. If you would like to learn more about things you should do before you sell, contact a real estate agency.