Buying real estate can seem like a long, uphill battle to get to the closing. Your clients have found the right property, secured financing, dealt with inspections, and so on. You are ready to close on the property and watch that set of keys get transferred into new hands.
As all the anticipation builds, there are few things more disappointing for a buyer than delayed closing. If the title search is delayed, or isn’t complete, the closing can’t happen.
So, what can delay a title search? Let’s find out.
Title Search Delays
Depending on who performs the title search, it could be a rather vague search or it could be very in-depth. While the latter is more preferable, this means the title search could take some time. On average, most title searches can be done within a few hours, but could also take up to a few days. It all depends on three factors.
1. The History of the Property
Properties that are older and have a number of transactions can come with an extensive number of documents to review. Because you want the property to be free and clear of any title defects, you will want the documents to be thoroughly addressed.
While title agents work diligently through pages of title searches, properties that have many different transactions are a bit more involved — and may require a little extra time.
2. The Presence of Any Title Defects
Although some issues are easily removed while working through the title search process, coming across any title defects will delay a title search. For instance, the presence of a judgment that doesn’t reflect that it has been satisfied will require a deeper dive for the title agent. A more thorough look at official records may prove that the judgment really has been satisfied. Or, it may still show as outstanding and could delay things even further.
As you know, there are so many title defects that can appear and title agents do their best clear title without leaving the buyer vulnerable.
3. The Efficiency of Your Title Company
Your title search can be completely clear, but when it gets piled under a bunch of other title searches, who knows when that clearance to move forward will come. This is why, most importantly, you want to make sure you are using a title search company that has a streamlined process in place. Without it, there will be bottlenecks all along the process and this can severely delay your title search.
Working with highly skilled abstractors is also an essential part of having a title search completed. Looking through pages and pages of title searches can be overwhelming for someone who isn’t as experienced, resulting in delays.
Lightning-Fast Title Service with Pippin
Pippin understands the importance of your title search — and how imperative it is that it is successfully completed without delay. That’s why we have created the technology that, when paired with skilled title searchers, can result in lightning-fast title service.
Ready to learn more? Call us at 646-666-5993.