Are You Required to Have A Title Search in a Residential Real Estate Transaction in Bethalto, IL?

In Bethalto, IL, there are few financial transactions as complex as buying or selling a home. Many things will have to be done before finalizing a transaction on residential real estate. This includes doing things like negotiating a purchase contract, securing financing, and confronting any issues that come up in the inspection of the home. Of all of the issues that will need to be addressed, one of the most important is making sure that the title of the home is able to be transferred from the seller of the home to the buyer. It is a good idea to have an attorney do a title search to help identify any potential issues that can come up and stop the transaction.

Common Issues with Titles

Before any home’s title can be transferred in Bethalto, IL, it will have to be clear of any kind of issues including legal and financial related ones that would prevent it from being transferable. Public records detailing the ownership of the home and all claims ever made against the property, an attorney can give the seller a rundown of everything they will need to do before the title can be transferred. Here are just some common issues found during title searches:

• If there are any unpaid taxes that are owed by the owner of the property, they will have to be paid off fully before closing.
• The biggest factor that holds residential real estate transactions back involves claims against the property by parties that are looking to collect a debt. This includes things such as mechanic’s liens by contractors, suppliers, or subcontractors who were not fully paid off on work they performed, domestic support liens for things such as unpaid alimony or child support, or judgment liens by creditors like credit card companies. The debts will usually need to be paid off before the lien can be released.
• Any ongoing boundary disputes with the property’s location will need to be addressed before closing. A new survey of the boundaries might need to be performed.

There are more issues that need to be addressed during a title search. If you are looking for a reputable attorney who can assist you with your title search and can tell you everything you will need to do to close up a residential real estate transaction in Bethalto, IL, give our team over at Diaz Law Offices a call today!