{"id":9065,"date":"2021-01-05T06:49:41","date_gmt":"2021-01-05T06:49:41","guid":{"rendered":"https:\/\/diamondlaw.ca\/?p=9065"},"modified":"2021-12-13T12:35:07","modified_gmt":"2021-12-13T12:35:07","slug":"how-to-conduct-a-title-search-on-a-prop","status":"publish","type":"post","link":"https:\/\/diamondlaw.ca\/how-to-conduct-a-title-search-on-a-prop\/","title":{"rendered":"How to Conduct a Title Search on a Property"},"content":{"rendered":"

Each property in Canada belongs to somebody, or something (in the case of company-owned property.) A title search is the history book, so to speak, of a property. It tells you much more than just the identity of the owner.<\/span><\/p>\n

If you’re looking to purchase a property, conducting a title search is one of the first steps in the process. If you’re concerned about doing a title search on a property as <\/span>a first-time buyer<\/span><\/a>, don’t be. We’ll take a look at how it’s done and give you as much information as you need to approach the task confidently.<\/span><\/p>\n

Knowledge is power, and it’s important to know what the title search process<\/span> <\/b>is and how it can affect your buying journey.<\/span><\/p>\n

How Title Searches Work<\/h2>\n

The process of a title search is typically performed by a real estate law firm<\/a> or title company on behalf of the buyer, and the lender, if the transaction is financed. It establishes the legal ownership of the property and who holds the title.<\/p>\n

Confusingly, the owner doesn’t necessarily hold the title. If a property purchase is financed, the lender holds onto it until they have fully recovered what’s owed. Only then does the <\/span>title transfer to the owner.<\/span><\/a><\/p>\n

A title search also notes whether there are any outstanding claims or recorded liens against the property. Such claims form<\/a> a part of the transaction, and the property lawyers will ensure that the claims are paid before the seller receives the balance of the payment.<\/p>\n

This information is required for financed deals to ensure the lender is safe from unforeseen expenses.<\/p>\n

Title insurance<\/a> is a valuable resource for homebuyers to possess. Both the homebuyer and the lender have a title insurance policy.<\/p>\n

What a Title Search Can Find<\/h2>\n

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A title search helps you discover any problems that could derail a potential acquisition. Here’s a list of the most common issues you could find:<\/p>\n