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Transfer of Possession
Title Search
The title search is a detailed examination of
the history of your property.
Often these searches include an examination of, historical records,
deeds, court records, property and index names and a host of other documents.
The purpose of this is to ensure that the person
you are buying the home from, actually owns the home. It sounds funny, but it actually
happens more than you think that the current owner has unpaid debts, legal
issues that would all be transferred over to you if you purchased the
home. These could all negatively
affect the future marketability of the home as well.
For instance, the previous owner may not have
accurately stated their marital status.
The last thing you want is for an ex-wife or ex-husband of the
pervious owner to come knocking, thus laying claim to half of the home you
are now living in.
Other problems include:
fraud, forgery, defective deeds, mental incompetence, and confusion due to
similar names or clerical errors. Remember a certificate of title does not
necessarily protect you from these things.
Recording and Transfer
Charges
Again, this is a one time
fixed cost that covers the bureaucracy of buying a home. This is the stamp on your mortgage that
verifies that it is legal. This often
costs around $75.
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