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A title search will reveal all public records that relate to the property. An agent or lawyer will make use of a variety of legal documents to confirm that the owner is the legal owner of the land in all cases. The online title search will also reveal any liens or claims against the property. These can range from tax liens (paid or not paid) to judgments filed against the property owner due to various infractions.
To gain access to this information, you must conduct a title search at least once a year. Contact the county clerk in the county where the property is located to conduct this. They will give you information about when the title search is due and what the price will be. They’re usually fairly affordable. However, it is important to consider that if there have been several previous owners and/or that there are several judgments against the property the costs could get expensive quickly.
It is not necessary to contact the county clerk when conducting an inquiry into title. You can instead reach out to an insurance company for title or private investor with the resources and time into the public records and identify all available judgments and liens against the property. Sometimes it’s a simple matter of contacting the lien holder by phone or writing them a letter. Sometimes, it’s the court process or making formal demands to the courts. It doesn’t matter how it happens the process of locating the liens and judgments could be time-consuming and frustrating.
With that mentioned, it’s important to note that there is an appropriate time and place for each of these actions. If there are multiple people involved in the title search, it is essential to conduct your research. Conducting a search for title needs to occur even if you are working with an agent in real estate, a title company or a private investor. The only way to get title is to have a legal claim on the property on the day of the transaction.
As previously mentioned, you may decide to purchase the home yourself and have an open title insurance policy. This will make the selling process much simpler. However, not everyone will have a smooth time. Because there is a lot to be gained from selling the house and since title searches must be conducted in order to be sure that you have a clear title, you must follow the rules of your state for this type of activity with a great deal of care.
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If you decide to purchase the property on your own and you find judgments and liens registering against the property, you need to first obtain a title search from the county in which the property is. A search with a limited coverage won’t typically reveal additional liens which will stop buyers from purchasing the house. A lien register will normally include all liens on a trust deed.
Title insurance generally protects you from judgments and liens after the closing. A title search could uncover other ownership issues. For instance, if there is an owner prior to the search who had a mortgage on the house but did not make an end-of-the-line payment, this could indicate that there was a second mortgage. In this instance it is possible to identify the name of the person who held the mortgage. To shield yourself from allegations of wrongdoing made by others, you’ll have to establish a Limited Liability Company (LLC) or a mortgage that is not listed if there’s no mortgage.
Sometimes a Limited Liability Company or an Unlisted Mortgage may be required to pay taxes. In this situation you’ll need to inform the local tax authority that a deed of trust, or other ownership issues were used to obtain the house. Once you have completed your title search promptly, you will be better prepared to present the information to the closing agent as well as your attorney when you close.
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