5 Tips and Tricks for Getting a Home Title
Did you know that the FBI estimated that 9,600 homeowners were victims of title fraud a few years back? When you are in the process of buying a house, getting a home title is a necessity.
To protect yourself from fraud and other title issues, you’ll need to know how to get a title the right way. Read on to learn some tips and tricks.
1. Get the Property Deed
When buying a house, a property deed is a document that transfers ownership from the previous owner to you. The seller signs this document and files it with a government office.
Without the deed, you won’t have a physical document proving you hold the home title.
2. Apply for Title Insurance
If you have a mortgage company when buying a home, they will require you to get title insurance for the closing process. However, if you don’t work with a mortgage company, title insurance is still a good idea.
3. Search Property Records
When getting a title of your own, it is essential to search for property records such as:
- Liens
- Wills
- Mortgages
- Endowments
- History of ownership
If you plan to get title insurance, finding these documents can help the insurance company put a file together for your case.
4. Choose an Ownership Method
The best homeowner advice we can offer is to choose an ownership method for holding a title to your property. Although there are different ways a homeowner can hold a title, the types vary depending on the state you live in.
Here are a few options you have to choose from in the home title process:
Sole Ownership
This is a straightforward method in which a sole owner holds the title to the property and only has their name on it. Single homeowners utilize this method but married couples use it too if only one person wants ownership.
Community Property
A few states including New Mexico, Texas, Arizona, etc., are known as community property states. In these states, a property that is obtained by one spouse during the marriage belongs to both spouses equally.
Joint Tenancy
If two or more people live in a home, everyone can share equal rights and interests in a property with joint tenancy. Married couples tend to use this method of title ownership.
Tenancy in Common
Tenancy in common is similar to joint tenancy in that two or more people can own the property, but the interest can be split up however you like. In joint tenancy, the ownership is split evenly.
5. Check Title
Once you have the title and other homeownership documents, be sure to check them thoroughly. There might be issues with the title that can affect the sale so it is essential to catch these mistakes early on.
Check out www.IBUYSD.com to understand some of the most common problems with home titles.
Receive Your Home Title Now!
If you are in the process of buying a home, knowing these five tips and tricks will be beneficial to the closing process. To ensure your loan goes through, it is important to purchase title insurance.
Buying a home is a huge investment so understanding a home title is important. What are you waiting for? Get your property documents together now!
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