In Wellesley Real Estate, do I need a title search?
Question: I’m interested in buying an older home in Wellesley, maybe, an historic home. In buying an older home in Wellesley, do I have to pay the extra money for a title search as part of the closing costs?
Bill’s Answer: If your purchase is financed, the lender will require a title search which will attempt to answer the following questions:
1. Is the seller the legal owner of the property?
2. Is the legal description of the property accurate?
3. Are there any municipal or contractor liens on the property?
4. Does anyone else claim an ownership interest in the property?
5. Are there any easements on the property which could affect its value?
The answers to these questions may not always be definitive and to cover the gaps, many buyers find it advantageous to protest their ownership interests through the purchase of title insurance. Title insurance offers protection against court costs and settlement judgments with regard to title defects.
Yes, even when buying Wellesley Real Estate, title insurance is a good idea.
About Bill
ABOUT Bill
Bill FitzPatrick has been a resident of Wellesley for over fifty years. He graduated from St. Paul’s School and Wellesley High School. He earned a bachelor’s degree from UMass and a master’s degree from Boston College.
He has taught courses and written articles for the National Association of Realtors®. For many years, Bill was the principal writer and editor of two of the nation’s leading business newsletters, Investing in Real Estate and the Homeowner’s Advisory Letter. Bill is also the author of the online real estate real estate investing course Master Real Estate.
Bill is the founder of both Wellesley Real Estate and the non-profit American Success Institute http://www.Success.org.
Having bought, sold, and renovated many properties himself, Bill has negotiated hundreds of real estate transactions. Selecting Wellesley Real Estate, you will have the opportunity to deal personally with Bill. Friendly and relaxed, Bill listens. From discovery through closing and beyond, Bill’s integrity, patience, diligence and critical eye ensures that he will be your personal advocate throughout the process of finding or marketing your Wellesley home.
