Short answer? Old mortgages, tax liens, contractor liens, court judgments, easements, and gaps in who actually owns the place. If it was recorded against the house, or against the people who owned it, a title search can find it. Most of that gets cleaned up before closing. Some of it can’t be cleaned up. It just gets disclosed, and you buy the house with it. That second group is where buyers get surprised. So let’s…
This is information you need to know when conducting a title search during the process of refinancing. We’re going to discuss legal considerations and practical considerations you need to think through when conducting this title search, the steps involved, mistakes to avoid, and the costs. Why a Title Search Matters During Refinancing When you are doing a title search during the process of refinancing, you should consider the reasons for it. Most often it relates…
Unreleased mortgages and open mortgages on a property become a cloud on title when they probably should have been cleared. Over 36% of all fully paid mortgages are unreleased from the title at the time that the statute says they have to be cleared. Why an Unreleased Mortgage Happens The Release Document Requirement If you refinance a mortgage, pay off a mortgage, or even sell a property, the mortgage holder for that loan is supposed…