Many people don’t understand what a property title search company does or is. They think that because they own the deed to the home that is enough to cover them in the sale of their home. Unfortunately, this is one of the most often asked questions to a home sellers dismay. Here are some basic things to know when you are dealing with ohio property title search in the sale of your home.
Most people are concerned with whether or not they even need title insurance to protect their home, after all, the home belongs to them and they have paid their dues. Unfortunately, there are many risks that most home owners don’t even know about that could prevent them from altering the property, selling it, or simply those that can also lay a claim to your land. Having property title search insurance will guarantee that you don’t end up losing something that you thought you owned.
When seriously considering one home over another, consider requesting an abstract which will tell you all of the liens, blemishes, loans, and claims to the land and home that your potential home has ever had since it was built. It is the responsibility of the current owner to settle any debts that have been incurred against the property. If for some reason, they cannot be settled, the property title search company will note them because they will have to be accepted into any new sale of the home.
There are all kinds of rights that you may never have considered that can limit the right of ownership and the changes that are allowed to be made to a property. Some of these include oil or mineral composites found on the land, main power or water lines that run through the land that must always be available, and the right of way to a road are just some of these special rights that could prevent a property owner for doing as they wish with their land.
While it isn’t a requirement in Ohio to have property title search insurance, it is in the owners best interest to do so. In the long run it could save a lot of headaches.
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