Durkin's Realty is a seasoned real estate company in Lexington Park, Maryland, that aims to give valuable choices for your sale or purchase of real properties. Know the common questions about property buying and selling, so you can make the best choice for your family.
Is it really difficult for the average family to buy its first home?
National statistics do not prove this. Today, over two-thirds of all American families own their homes. Despite the assumption that most young families acquire down payment for their first-home purchases by getting the money from relatives, a study shows that 71% got theirs from savings. Young people and first-time buyers, who make 44% of home purchasers, are far from being driven out of the housing market.
What is the purpose of doing a legal search of the title before buying a property?
A home is a peculiar kind of purchase. You may be the only purchaser involved, but others may also claim rights to the property. For example, there may be an easement to restrict the use of the land. There may be a tax lien against the property because the owner did not pay taxes. A previously undisclosed heir of the former owner may appear and claim a share of the value. A title search of public records will check for claims against the property. The best protection against hidden problems is title insurance.