Purchasing real estate of any kind requires a title search on the property. North Dakota property buyers want to ensure that any property they purchase is free and clear of any liens or other issues before assuming control of the property. Having a title search is mandatory for all real estate transactions.
What is a bring-down title search?
When you are purchasing property, a title search is conducted early in the process. The bank or finance company will want assurance that the title is free and clear before approving any financing for the transaction.
What happens, however, if a lien or other problem arises with the title between the initial search and the final closing of the deal? Buyers can conduct a secondary or bring-down title search right before closing to ensure that nothing new has been attached to the title before it is transferred into their ownership. This is an additional service and is generally paid for by the buyer.
What if problems are found with the title?
The buyer has several options if a problem is found when a bring-down title search is conducted. You can put the transaction on hold until the lien is paid, you can change the amount you are paying for the property to cover the cost of paying off the lien, or you may be able to cancel the transaction. How you manage this problem will be based on how much you want the property.
Purchasing property is often one of the most significant investments you will ever make. Ensuring that the title to your property is clean will make the process more satisfying. If there is any doubt about the title, opt for a bring-down title search before closing the deal.