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A title search digests the available public records relating to the real estate property being searched. In most cases, an agent or lawyer will make use of legal documents to confirm that the owner is legally the owner of the land. Beyond that, the title search on the internet will also reveal any other liens or other claims that are against the property. This could include property taxes, paid or unpaid, and judgements against the property owner for negligent acts.
In order to have access to all this the information, a title search should be completed at least annually. Contact the clerk of the county in the county where the property is to conduct this. They will let you know when the title search will be due, and how much it will go. They’re usually fairly affordable. These costs are often high if the property has been owned by multiple people or if it was involved in multiple court decisions.
There is another way to conduct an investigation into the title of a property that doesn’t require the county clerk. You can instead approach a title insurance company or private investor with the time and resources to dig into the public records and find all available liens and judgments against the property. Sometimes, it is as easy as calling the lien holder or sending them an email. In other cases, it may need to be taken to court or make formal demands through the courts. It doesn’t matter how it goes the process of locating judgements and liens can be a hassle and time-consuming process.
All that being said, it is crucial to remember that there is a time and place for each of these actions. If there are multiple participants involved, you need to perform your due diligence. You must conduct an inquiry into title regardless of whether you’re working with a realty agent or a title firm or an individual investor. The only way to get title is to have a legal right to the property on the day of the transaction.
You may decide to buy the house by yourself, and in that case, you will require an open-title insurance policy. This policy can make the selling process much easier. However it isn’t for everyone to be able to complete it as easily. Because there is so much riding on the sale of a home and because the title search must be conducted to ensure that you have clear title, you need to follow the regulations of your state in this activity very closely.
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If you’re buying the house for yourself and there are judgments or liens against the property, you’ll need to first get a title search from each county in which the house is located. A search with a limited coverage won’t typically reveal additional liens which will stop the buyer from buying the property. A lien register will usually show all liens in a trust deed.
Title insurance generally covers you from liens and judgments after closing. A title search may reveal other ownership issues. For instance in the event that there was an owner prior to the search who had an outstanding mortgage on the property but did not make the final payment, this could mean that there was a second mortgage. In this scenario it is possible to identify the name of the mortgage holder. If there is no mortgage, and the closing has been completed against the liability of the buyer, you must create the operation of a Limited Liability Company (LLC) or a Unlisted Mortgage to protect yourself against any potential claims of wrong doing by the other third party.
Sometimes a Limited Liability Company or an Unlisted Mortgage may be required to pay some taxes. In these situations you will need to inform the tax authority in your area of the deeds of trust or other ownership issues used to purchase the house. You’ll be better ready to disclose this information to your closing agent and/or to your attorney prior to closing if you’ve done your title search swiftly.
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