Is It Essential To Have A Marketable Title?
Making certain all the leaky pipes have been repaired and all the electrical wiring is up to code is just the start to ensuring a home is good to go before closing. There also exists the concept of a marketable title. Absolutely be sure you are attending to this detail of the home sale process.
Ensuring there are no hindrances on the home's title, a marketable title is a title to a piece of real property. The home seller is providing proof to you that there are no liens or outstanding, hostile claims to that parcel of land, by obtaining a marketable title. The seller opens him or herself up to legal responsibility for covering up hindrances, if they're discovered later on.
You can't go wrong as a buyer acquiring a property with a marketable title. You might even hear claims that home inspections are less important than a marketable title. You should definitely play it safe and be sure everything is on the up-and-up with your home; however, both as they pertain to the property's physical structure, as well as the title.
If your state is typical, you'll have to record the property at a county office. If so, the best thing to do is to employ someone like a real estate broker to trace the property's title as far back as they can to make certain the seller is the current and real owner of the property. You would be amazed by how often people discover problems with the title by this method. It is also a means to see whether or not the property has co-owners or is held in a joint tenancy, where one seller can't act independently and against the wishes of the other joint tenants. If you buy a home under these circumstances, the title probably will not be considered marketable, and you could even lose the property and the investment you put into it as a result of the home sale agreement being invalid. You should make sure to research everything prior to paying housing costs. A marketable title is inevitably the only type of title you want!
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