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A title search will analyze the public records available to the real estate property in question. An attorney or agent will use a variety legal records to verify that the property owner is legally the owner of the land in most cases. The title search performed online will also uncover any claims or liens against the property. These can range from tax liens (paid or not paid) to judgments filed against the owner for various negligent actions.
In order to have access to all of this, a title search must be completed at least annually. This can be accomplished by calling the county clerk of the county in which the property is located. They will inform you when the title search is due, and what the cost will go. They’re usually fairly affordable. They can quickly increase when the property is owned by multiple individuals or if it has been subject to several court judgments.
It is not necessary to involve the county clerk when conducting an investigation into the title. You can also contact a title company or private investor that has the ability to access the public records and locate all judgments and liens on the house. Sometimes, it’s as simple as contacting the lien holder, or writing them a note. In other cases, it may need to be taken to court or make formal demands to the courts. However, regardless of how it happens the process of locating the judgments and liens could be lengthy and difficult.
All that being said, it is crucial to note that there’s an appropriate time and location for each of these actions. In the event that there are multiple parties involved, it is important to perform your due diligence. Conducting a title search has to be done regardless of whether you are working with an agent in real estate or a title company, or an investor who is private. A clear title is only obtained through a legal claim to the property at the time of transaction.
You may decide to buy the house yourself, and you’ll require an open-title policy. This will make selling the house much easier. Unfortunately, not all buyers will have such an easy process. It is important to follow the rules of your state in relation to this kind of activity, since there are many variables that could affect the selling of a property.
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If you are purchasing the house by yourself and you find liens and judgments registered against the property you need to first obtain a title search from the county where the house is located. A search with a limited coverage will not usually uncover additional liens which would hinder the buyer buying the house. A lien register can usually contain all liens that are on a trust deed.
Title insurance is typically used to protect you from judgments and liens after the closing. A title search may reveal other ownership issues. For example in the event that there was a previous owner who had a mortgage on the house, but never made an entire payment, this could indicate that the mortgage was refinanced. A title search could reveal the name of the mortgage holder in this scenario. To protect yourself from any accusations of wrongdoing from others, you’ll be required to create an Limited Liability Company (LLC) or an unlisted mortgage in the event that there is no mortgage.
Sometimes it is the case that a Limited Liability Company (or Unlisted Mortgage) will need to pay tax. In these instances you must inform the local tax authority of the deeds of trust or other ownership issues used to purchase the home. You’ll be more than ready to disclose the details to the closing agent, and/or to your attorney prior to closing if you have completed your title search in a short time.
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