Do Judge a Home by Its Title

from A Heads-Up for Home Buyers 11 Things You Might Not Have Thought About, on yourvalleyproperty.com

Do Judge a Home by its Title

Understand your title report – the title company, attorney, or settlement agent that is handling title (history of property ownership) and title insurance for your transaction should carefully review these documents to insure the ownership trail is traceable with no gaps, there are no encumbrances, and the current title is clear.

They will prepare an abstract (summary) of title. They will also be sending a copy of their findings to you. It never hurts to double check this information and don’t be embarrassed to ask questions. This isn’t information that the average home buyer is expected to be familiar with.

I can tell you from personal experience that a discrepancy in title can take years to clear. Make sure from your first day of ownership, that what you own is what you bought.