It is exciting that you and your family have found a new home to buy. Researching the housing market, looking at houses, and finally deciding on the perfect home can be stressful. However, there are still more things to do before you can get the keys.
As part of the closing, title companies do their due diligence to ensure the property is free and clear of any issues before the closing date. Part of this is researching and examining to find a clear chain of title.
1. Title search
A title search is a thorough inspection of all public records concerning the property and its owners. In Georgia, the title company can go back 50 years to find information such as:
- Deeds
- Liens
- Paving assessments
- Wills
- Mortgages
- Divorce settlements
If you buy a newly built house, the search process may not take as long as purchasing an older home.
2. Title examination
The examination begins upon completion of the search. An examiner reviews all documents to determine if there is anything that will impede the sale. The assessment will find if there are any other people possibly tied to ownership of the property.
The title search and examination take place while the property is under contract. If any issues arise from this, you may have the opportunity to withdraw from the transaction.
When it comes to buying a new home, the fun is in the looking; the work is in the closing. Do your own due diligence to make sure the home you choose does not have any unforeseen problems.
