Why Property Title Searches Matter?
Title searches play a vital role in real estate transactions by ensuring clear ownership and safeguarding against potential legal issues. Knowing the property’s full history can prevent unexpected financial or legal problems after purchasing. Buyers, sellers, and lenders alike benefit from these searches, as they ensure all involved parties are informed. How Does a Property Title Search Work in Ontario? The property title search process in Ontario involves several steps: Initial Search of Ownership Records: This includes looking into the property's history to identify the current and past owners. It ensures that there is an unbroken chain of ownership. Examination of Liens or Mortgages: This step identifies any debts or claims, such as unpaid mortgages or tax liens, which may impact the property. Reviewing Easements or Restrictions: Easements allow others to access part of the property. Restrictions may limit how the property can be used, which is critica...