questions about title search/ judgement search

[Anonymous]

At what point in the process is the title search done? before inspection?closing date?

Im getting ready to buy my first home and I was just wondering how much cost would be incurred if there was a problem with the title search. i dont want to pay for inspections etc. and then find out there is a title defect.

Also, is the name/judgement search for the sellers only or do they search the buyers too?

 My husband foolishly ignored a court summons about 15 years ago on a cc that his dad fraudulently obtained in his name. He didnt go to court because he didnt want to get his dad in trouble but he couldnt pay. In our state (IN) judgements are automatic liens for 10 years only, but valid debts for 20. It is not on his credit report but i am afraid it may pop up somewhere because he has no idea what happened with it. We are going FHA.

[ShanetheMortgageMan]

In most states title is usually checked early on in the process, however in both Iowa and some parts of Oklahoma it is customary to not order title until the loan has been approved, and in some cases even the appraisal has been done.  No one wants to incur expenses if the transaction doesn't go through, but it happens all of the time and is just something that has become accepted.  Here in California a title search/report is usually prepared a few days after a seller opens escrow on a home, even before an offer is even made, and that is so they can pre-emptively check out title to find out if there are any issues.  Once an offer is accepted they will also check out the buyer's as well, so depending on how thorough they are at checking this item might pop up - plus if your husband is on the mortgage he has to disclose it anyway, if he is just going to be on title then you would be taking your chances until the title company completes their search.  When the title report/check is done would also be a good question to ask your real estate agent so you can better prepare.