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.
