Highlands NC Real Estate, Title Matters
A clear title matters when buying and selling Highlands NC real estate. Buyers may not give the title much thought but it is a critical part of buying a home. Additionally, it is important to realize that the title will be a part of every real estate transaction. Sellers would know what encumbrances are attached to a property, however, in cases where a property has been owned by one family for generations they may not be aware of everything. A title will provide proof of ownership of a Highlands NC property.
What is a title?
As previously stated, a title provides proof of ownership. Just like transferring ownership of a car, a title is filled out when transferring ownership of a property. In fact, a Highlands NC home cannot be bought and sold without a transfer of title. As a result, a title search will accompany the sale of a property and is an important part of the due diligence period. A title company will conduct a comprehensive search of the title history associated with a Highlands NC property for sale and uncover any issues.
What are issues related to a title search?
The majority of title searches will not reveal much if anything. However, some will reveal issues related to property boundaries, shared spaces, or liens on the Highlands NC property. Much like the inspection, not every title issue is a big deal. Additionally, issues should be and can be cleared up prior to closing. Liens are an important thing to clear up. This could equate to paying off a contractor who has placed a mechanic’s lien on the home, perhaps for not being paid in full for his work. Other liens involve unpaid loans. Another common item that appears from a title search is a Covenant of Record (COR). A COR is typically a recorded easement, often allowing part of a home’s driveway on a neighboring parcel or vice versa. A COR will follow every sale of a Highlands NC property unless it is legally changed.
Learn more about Highlands NC real estate
Contact our team at Berkshire Hathaway HomeServices Meadows Mountain Realty today to learn more about buying and selling Highlands NC homes. We welcome the opportunity to update you on the market while answering all of your questions. Let our knowledge and experience serve as your guide to Highlands NC real estate.