QUESTION

In Va., by law, am I required to have a title search done on property I am purchasing?

Asked on Oct 06th, 2014 on Real Estate - Virginia
More details to this question:
N/A
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1 ANSWER

No, you're not. If you are using the purchased property as collateral for a loan, the lender will require a title search but if you're paying cash, it's strictly up to you. I can tell you as one who has searched titles for 35 years, not every title is clear even if it has been searched previously. When real estate boomed a few years ago, I observed folks searching titles that had no idea what they were doing in some respects and I've found more title problems that occurred during that time by far than any other era. If a property has gone through a foreclosure, there's a decent chance there are some problems there. If a property has never been through a foreclosure, and you've personally known the family owning (and now selling)the property for 30-40 years, your risk is probably very slight but there is a risk.  I would never advise one of my sons to buy without  a title exam; in fact, I prefer having a lawyer search done although real estate lawyers that do their own searches are more likely in rural areas and extremely unlikely in metropolitan areas.  
Answered on Oct 06th, 2014 at 12:35 PM

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