Do you want to sell the house you currently own? As with any major property transaction, there are steps involved with selling your own house that you can’t ignore. Usually, the first step toward selling a property is to find a willing buyer. In many marketplaces, buyers have little wiggle room when it comes to negotiating later. Instead, they make a formal offer, the seller accepts, and the deal goes through. That’s why so many sellers work with a realtor, who can help them to negotiate a better deal. Title surveys are one of the first steps of selling any home. Here’s what you need to know before doing a title search.
1. What Is a Title Survey?
First things first, let’s define what a title survey is. A title survey is a detailed examination of a property’s legal documentation, typically conducted by a licensed surveyor. This survey aims to determine the property’s boundaries, easements, encroachments, and any other factors that might affect its ownership or use.
2. Different Types of Title Surveys
Title surveys come in different flavors, and it’s crucial to know which one you need for your specific situation. The two primary types are the ALTA survey and the boundary survey. An ALTA survey is a comprehensive survey often required for commercial properties, providing a high level of detail. On the other hand, a boundary survey focuses on defining property lines and is more common for residential transactions. The type of survey you need will depend on the property’s purpose and your lender’s requirements.
3. Title Surveys Are Not a DIY Job
You might be tempted to cut costs by attempting a title survey yourself, but this is a bad idea. Title surveys require specialized knowledge, tools, and access to legal documents that only licensed surveyors possess. Their expertise ensures that the survey is accurate and compliant with local regulations. So, resist the urge to don a detective hat and hire a professional for this crucial task.
4. Uncovering Potential Red Flags
Title surveys can reveal hidden issues that might impact a property value or your ability to use it as intended. These issues could include property boundary disputes, encroachments from neighboring properties, or recorded easements that limit your property rights. In densely populated areas like San Francisco, CA, where properties are closely packed, these issues are more likely to arise. A thorough title survey can help you identify and address them before they become expensive problems.
5. Title Insurance and Title Surveys Go Hand-in-Hand
When you buy property, you’ll likely be required to purchase title insurance. This insurance protects you from financial loss due to title defects that may not have been discovered during the survey. Many title insurance policies require a title survey to be conducted before they can be issued. So, if you want peace of mind and protection against potential legal battles down the road, don’t skip the title survey.
Title Surveys 101: A Comprehensive Quick Guide
In conclusion, title surveys are a crucial step in any property transaction. They provide essential information about the property, potential boundary disputes, and any restrictive covenants. It is important to carefully review the survey and address any issues before purchasing a property. Don’t skip this vital step, make sure to get a title survey done before closing. Schedule a title survey today to protect your investment! Do you want to find more helpful info? Check out more of our guides on our blog today!
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