Massachusetts is the most populous state in the New England region. While it is the sixth smallest state by land area, it is the 15th most populous state in the United States. Boston is the state’s capital and financial center. As a state near the Atlantic, Massachusetts is a big tourist spot and home to many sporting events.
A property title search is necessary to ensure there are no clouds on the title, and to identify all of the mortgages, judgments and liens on the property and against the owner. Existing liens such as municipal liens as well as delinquent taxes will attach to the property and can survive foreclosure. This means that even after the property has been sold, the debt will become the new owner’s responsibility.
While a property title search is essential for uncovering potential issues, title insurance provides an additional layer of protection for both buyers and lenders in Massachusetts. This insurance protects against any future claims or disputes that might arise due to previously undetected issues, such as forged documents, undisclosed heirs, or errors in public records. Massachusetts, with its unique property laws and county-specific nuances, can present unexpected challenges in real estate transactions. Title insurance ensures that, even if a hidden defect is found after the purchase, the financial burden doesn’t fall on the new property owner or the lender, providing peace of mind in an often complex market.
Here’s a breakdown of the typical costs for different types of title searches in Massachusetts:
|
Type of Search |
Cost |
|---|---|
|
O&E Report (Residential) |
$87.95 |
|
Two Owner Search (Residential) |
$137.95 |
|
30-Year Search (Residential) |
$185.00 |
|
Title Update |
$40.00 |
|
Deed Search |
$35.00 |
|
Commercial O&E Report |
$250.00 |
Several factors can affect the cost of a title search in Massachusetts. These include:
Every state has its quirks in how property records are handled, and Massachusetts is no different:
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