A title details ownership of a property. When a home is transferred, the title is conveyed from one person to another. It is therefore a vital component of a property sale or purchase. This blog provides facts on title searches for Las Vegas home purchases, what it is, and its importance.
Title is documentation stating the ownership and use rights of a property. It is not one specific form but a set of documents that includes deeds, contracts, property indexes, and liens. These are placed at the local Registry of Deeds and are accessible to the public.
Title Searches For Las Vegas Home Purchases
A title search is a intricate analysis of available records relating to a certain property. It begins with the existing owners and goes back to former owners. The object of the title search is to discover certain problems or outstanding claims on a property. The end purpose is to confirm that the existing owner has the right to convey rights to a buyer.
Possible Title Problems
A title search can uncover defects such as a property liens not being cleared, overdue taxes, and judgments against title holder. Some of these may be easily resolved before the anticipated closing while others may require an extended amount of time and money to clear. Also, certain defects can be hidden and not actually identified even with a comprehensive title search. These include forgeries, false information, defective deeds, and clerical mistakes. These may stay concealed for several years and can jeopardize the rights of a property owner when eventually exposed. Title insurance is designed to cover this risk but typically does not apply to everything.
Important Title Facts
Title searches are a crucial part of the real estate purchase process and are generally performed by a closing attorney or agent. No matter how meticulous a title search may be, it is important for buyers to look into selecting title insurance to protect against rare problems. Consult with your attorney for further details on title searches for Las Vegas home purchases and to make an informed choice about insurance.