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The Importance Of The Pre-List Title Examination
July 8th, 2007 categories: Home Inspection Tips, Tampa Real Estate, Tips for Sellers
There are many concerns that a homeowner should have before listing their home for sale and actively searching for a buyer. I always recommend a pre-listing home inspection to my seller clients. A thorough home inspection can and will uncover problems that lead to obstacles in getting a home sold. Why let your buyer’s home inspector find that roof leak if you can nip it in the bud with your own inspection?
And as a home inspection can turn up problems with the home, a title search can uncover issues with the marketability of the title to the property that may cause problems once a seller has found a buyer. We had this happen to a recently divorced seller of ours a few weeks ago. After finding a buyer in only a week, title company “A” found that there was an issue with the title, and the long lost ex-husband would have to be found before we could close. The buyer was in a situation that demanded a quick closing, to which our client had agreed. If we could not close on time, the buyer may have to look elsewhere we were told.
Title Company “A” could not give us a concrete answer on what was needed to get the deal closed. Would the ex have to sign a quitclaim deed? Not sure. When Title Company “A” could not provide a swift enough resolution, and the deal was at risk, our nervous seller went out and found a Title Company that looked over the facts and was able to promise a closing on the agreed upon date. Had she waited for company “A”’s answer we may have lost our buyer.
(While the story above is true, it was somewhat embellished to drive home the point)
So this is only one example of why we recommend a pre-listing title examination. It can be done pretty quickly and most Title Companies and some real estate attorneys will do this pro-bono (they want your business). They will simply check the chain of title to make sure things were done correctly each time ownership was conveyed. Any problems that are uncovered can be resolved before marketing the property and finding a buyer. This can go a long way to assuring a relatively pain-free transaction.
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