I am buying the property whose owner stayed there for just six months. He already had a title search done on the property. Will I need another one?

Yes, for one, if you plan to buy title insurance coverage, this will be the first step in the process.

Also, even a short time like six months could be enough for the previous owner to incur some debts that may cause a lien being attached to the property. There may also be some changes that will affect the way he owns the property.

Some examples are:

• The previous owner got married. The spouse will now have an interest on the property.
• He may not have paid his homeowner's dues during those six months.
• He may have unpaid real estate taxes pending on the property.
• He could build a structure that encroaches upon a neighbor's lot.
• He could grant easements.

That is why it is still advisable to have a title search on the property.

The advantage of his staying there for a short time would be that your title insurance may be cheaper if you get it from the same company that issued the previous title insurance. This is because the title search would concentrate more on the six months that the previous owner held the property. So, you can expect a discount.

• I am refinancing my mortgage. Do I need to purchase a new title insurance policy?
• Do I need extended title insurance coverage for bare land?
• Is there a way for me to save on my title insurance fees?
• At what instances should I get extended coverage on title insurance?
• What value does a real estate lawyer add on top of title insurance?