Prior to mortgage application, careful title search is essential

Avoid hidden issues affecting loan approval

Recently, many people have encountered problems when applying for mortgages from banks. During the valuation process, they discovered hidden issues such as breach of agreement and unauthorized alterations, which in turn affected loan approval and valuation. Therefore, today we will discuss an important step before applying for a mortgage - title search.

What is a title search? Simply put, it is the process of examining the ownership status and property conditions of a house. This process may seem simple, but it is crucial. If we do not conduct a thorough title search, we may overlook hidden issues with the property, leading to unnecessary losses.

So, what aspects should we pay attention to when conducting a title search?

First, we should examine the ownership status of the property. Checking the ownership status of the property is crucial for loan approval and valuation. We need to ensure that the information on the ownership status is truthful and that there are no violations. At the same time, we also need to ensure that the information on the ownership status matches the actual situation.

Second, we should examine the condition of the property facilities. Examining the condition of the property facilities is equally important for loan approval and valuation. We need to ensure that the condition of the property facilities is good and that there are no damages or defects. At the same time, we also need to ensure that the condition of the property facilities matches the actual situation.

Lastly, we need to carefully examine any hidden issues with the property, such as unauthorized alterations or private renovations. If these issues exist, they not only affect loan approval and valuation but may also lead to legal problems.

Therefore, before applying for a mortgage, it is essential to conduct a careful title search. During the title search, we can obtain relevant information through the following methods:

Engage a lawyer to conduct a title search. The lawyer can help us examine the ownership status and property conditions and provide corresponding legal opinions.

Check government records. For example, check records from the land registry and urban planning commission to confirm whether there are any violations with the property.

Check records from property management companies. Property management companies can provide information on property facilities, such as maintenance records.

In conclusion, title search is a crucial step before applying for a mortgage, and it requires careful attention. Only when we confirm that there are no hidden issues with the property can we smoothly apply for a mortgage and obtain a loan. We need to stay alert and avoid being affected by hidden problems. We hope that today's discussion is helpful to everyone. Thank you.