Highlands NC Real Estate, What is a Title?
Meadows Mountain Realty, Highlands NC real estate
Buyers and sellers of Highlands NC real estate are faced with numerous items in a contract, leading to many questions, including: “What is a title?” A title search is included during the due diligence period of a home sale and is a critical part of the purchase process. A title search can reveal whether there are any items tied to a property needing to be taken care of or, at the very least, acknowledged. Sellers are not always aware of issues that arise and buyers certainly need to know everything about the Highlands NC property that they are purchasing.
Title basics
A title provides proof of ownership of a property. Ultimately, this not only ensures that the seller actually owns the property but that he has a right to sell the property. However, there is much more to a title. A title will clarify property details like property lines, past ownership and subdivisions, and the like. Additionally, the title shows encumbrances that may invoice liens, encroachments, and easements. A buyer should have a clean and clear title to close on a Highlands NC property.
Title is necessary
The title search could reveal some issues, surprises, or simply information. Common issues include issues related to property boundaries, shared spaces, or liens. Liens will need to be cleared up and often involve contractors not being paid for work or unpaid loans. Similar to transferring ownership of a car, a title is involved when transferring ownership of a property. Furthermore, a Highlands NC home cannot be bought and sold without a transfer of title. Ultimately, the title search is an important part of the due diligence period. Issues that arise can be fixed if necessary, acknowledged, or lead to further negotiation.
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.