For a person who is purchasing a home, he or she needs to ensure the home has a clear title. This clear title is defined as showing that the owner of said property owns it at their own will. This term is thrown around because it demonstrates that the property does not have any clearing title issues, such as owed collections from creditors or previous mortgages pending. The owner who has a clear title is the true legal and sole owner of that property.
One of the most important achievements when looking to become a homeowner is obtaining title insurance. This title insurance wards off unwanted scenarios for both the lender and the homebuyer in case the seller has a clear title for the home. Normally the agent initiates the title policy once the purchase agreement has been signed for the home.
How Long Does a Title Search Take?
Typically, it takes roughly 10 to 14 days for the title search. It will rarely ever extend past the normal two-week period. However, some key factors play a role in this. This involves the title professional who works at the title company to undertake a detailed inspection and search. This thorough investigation is used to determine the next steps to take a bid and guarantee a title. Therefore, there can be longer timelines to obtain a title policy compared to other insurance policies.
The title professional will meticulously inspect public records. The purpose of inspecting is to determine the rightful owner of that property. This also will bring up any potential shortcomings to the titles. The shortcomings are called encumbrances.
If the company finds that there are unresolved issues, the title will undergo a curing period. The title professional will work around the unresolved issues to try to fix them. Since many of the title companies process the curing period behind closed doors, especially the inspections, many homebuyers do not even see the quantifiable work that goes into trying to clear their property title for them.
It is important to note that the title must be cleared before obtaining the property. Clearing the title for your property could last a few weeks. The duration will consist of a long process, including examination, searching, and curing the title. This process is all part of clearing the title for your home so you can have outright ownership.
How Long Does It Take to Clear a Home Title?
You will not be able to finish your transaction until the exam and title search are completed if you have a mortgage. Also, you will receive the deed of the property and title insurance policy after the transaction is completed. So, you might be wondering, how long does it take to clear a title? The entire process of clearing a property’s title takes roughly two weeks. But this can vary drastically depending on your transaction and property type. It is best to contact your escrow or title officer and realtor to get accurate, up-to-date information on your specific property’s timeline. Once it has a clear title (this process takes a couple of weeks or so), the real estate agent will notify the buyer and deliver the ownership. So, you might be looking to buy a home and wondering if there is a property tax exemption for you or maybe heard of homestead exemption Texas. Learn how homestead exemption assists in property tax savings or other title faqs.