Every home has a story, and you need to know that story before you proceed. So many things happen over the course of a home’s lifetime, and this is particularly true when it changes ownership. Sometimes researching the title history of property can take odd twists and turns. If this is the case with your property, title defects may be the result, which can greatly affect the ability to consummate the sale of the property. If the seller owes delinquent taxes, HOA dues, or unpaid child support, there could be liens on the property. These problems are commonly known as “title clouds” and they must be resolved before the title changes hands. The title search will help the purchaser identify if there are liens in place, and afford the parties to resolve the issues in order to proceed with closing.
Buying or selling real estate is a very detailed process that requires a team of professionals, but that doesn’t mean that it has to be difficult! In fact, the process can be relatively straightforward if you’re prepared for closing. This means dealing with appraisers, lenders, and home inspectors for starters, and performing thorough research to make sure that there are no defects on the property title. And when it comes to a title search, Arkansas homeowners have placed their trust in First National Title for over two decades!
Before a real estate transaction can be officially consummated, several details have to come together. The accepted offer is where the work really begins, and a good closing to the real estate transaction requires a team of professionals who all pull together to properly execute the closing. Closings should be seamless and stress free experiences for the buyer and seller, and advance preparation is key!
Brick and mortar retail operations were already having a lot of trouble surviving, and in the era of Covid, many businesses are months away from closing their doors. Larger corporations are struggling as well, but have the resources to better survive the lean times. Unfortunately, what they don’t have is a connection with their customers, as they seem to consolidate their operations and try to service their customers from afar.
There’s an old joke about insurance only being important when you don’t have it, and that couldn’t be more true when it comes to purchasing residential property or commercial real estate. No one enjoys paying the premiums, but with so much at stake, you can’t afford to take a chance? Even the smoothest real estate transactions take several weeks from contract to closing, and if there are any defects with the title (commonly known as title clouds), the sale can’t continue until they’re resolved. What this can also mean for you is exposure to exorbitant out of pocket expenses for attorneys and legal fees.