Thinking of a smart move before putting properties in the real estate market? This is where Municipal Lien searches gain importance. Discovering unrecorded municipal liens, code violations, special assessments, utility, & open or expired permits issues that are related to residential or commercial real estate, Municipal Lien searches would enable sellers in discovering any problems and easily fix them. Similar to a home inspection, municipal lien searches identify issues and inform sellers of its remedy.
Every seller in the real estate market wishes for prospective buyers who are much honest and helpful. This is the best option for getting the impression to the property seekers that the property owners are not sneaky or uninformed about the current state of the property. A property should get a Municipal Lien Search in the pre-listing phase itself for attracting buyers and smooth the closing processes.
Following are The Four reasons Why Sellers should get a Municipal Lien Search:
1. Property Owners Who Bought their Homes without any Municipal Lien Searches
Municipal Lien searches have gained recognition over the last couple of years for reviewing the financial health of a property. Property owners who’ve already gained ownership much before years, may not have checked issues such as code violations, or old open or expired permits. Just because these issues didn’t rise during the years of resident-ship doesn’t mean these are least possible to sprout up later. Most of the title agent owners order a Municipal Lien Search nowadays for identification of potential issues for taking care of them.
2. Saving Time During Closing
Title agents order Municipal Lien searches towards the end of the closing processes. In events of the rise of any problems, property owners will have to struggle much for tackling the issues and risks that come with pushing back of the closing date. Property owners who choose this by themselves and everyone involved such as the buyer, their agent, your agent, the title agent, etc get benefits with so many advantages by getting municipal lien searches. This has delivered huge favors when getting a Municipal Lien Search before listing. Thus this process is a lot like the reasoning behind getting a pre-listing home inspection.
3. Verifying All Updates to the Home done properly
While ordering Municipal Lien Search alongside Permits from Professional Lien Search, property owners should always go through the permit history of their properties. Thus in event of property renovations or any other updates, previous owners can acknowledge prospective buyers in knowing all works are permitted well up to local code and safety standards. If this is not the case, property owners will have ample time for fixing this.
4. Verifying Marketability of Properties
The buyers will attain much more confidence while making offers on properties if they have a clear knowledge of the municipal debt and permission issues upfront. Thus in most cases, buyers are also required to pay for the Municipal Lien Searches along with other closing costs. But if sellers have already taken care of it upfront, this will benefit a lot for the prospective buyers. This will also be an addition of values for listing, perhaps resulting in a higher selling price.
Property Sellers on Getting Municipal Lien Searches: How & When?
We believe the real estate property owners and the readers who have gone through this article may have realized the importance of Municipal Lien searches for boosting the marketability of real estate properties. Properties owners may be wondering how and when they should get a municipal lien search. Property sellers should not have to wait for listing agents or title agents for ordering this report.
Property owners who are looking forward to municipal lien searches should initiate these mortgage processes through third-party title support service providers such as OURS GLOBAL. Municipal Lien searches are reports which are being written in closing contracts between the property owners and buyers. If property owners are looking forward to getting a jump start on fixing any issues such as open permits, sellers should consider ordering much before listing the property. Only after receiving an offer on houses, property owners can drive an update search for completing the ensuring of any loose ends. The cost for initial searches and updates is usually negotiated in contracted much between buyers and sellers. In case of any queries, property owners must be sure in reaching out to their agents, title companies, or law firms who are skilled in handling their closing procedures.