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A title search digests the public records available to the real estate property being searched. An agent or lawyer will use a variety legal documents to confirm that the property owner is the legal owner of the property in most cases. A title search online will also uncover any claims or liens against the property. These could include property tax either unpaid or paid, and judgements against the property owner for negligent actions.
To have access to this information, it is necessary to conduct an initial title search at least once a year. Contact the clerk of the county in the county in which the property is to complete this. They will notify you when the title search will be due, and what the cost will be. Usually, they are quite affordable. However, you must consider that if there have been several previous owners and/or that there are multiple judgements against the property then these costs can quickly add up.
You don’t need to engage the county clerk when conducting an inquiry into title. Instead, you can approach an insurance company that deals in title searches or a private investor with the time and resources to dig into the public records and discover all available judgments and liens against the property. Sometimes, it’s a matter of calling the lien holder by phone or writing an email. Sometimes it will take the court process or making formal demands through courts. Regardless, of how it comes about the process of locating the judgments and liens may be time consuming and very frustrating.
All that being said, it’s important to keep in mind that every activity has a place and a time. If there are multiple people that are involved in the title search it is essential to conduct your research. Conducting a title search has to occur even if you’re working with an agent representing real estate as well as a title company or a private investor. A clear title is only secured by a legal claim on the property at the time of transaction.
As previously mentioned, you may decide to purchase the home yourself and have an open title insurance policy. This will make selling much easier. Unfortunately, not all buyers will have this easy process. Because there is so much at stake when selling a home and because title searches must be conducted in order to be sure that you have clear title, you have to adhere to the laws of your state regarding 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 must first conduct an official title search from the county in which the house is located. A limited coverage search will not typically reveal additional liens that might hinder the buyer buying the house. A lien register will usually show all liens in a trust deed.
Title insurance generally protects you from judgments and liens following the closing. A title search may reveal other ownership issues. For instance the case where there was an owner prior to the search who had an outstanding mortgage on the property and never made an end-of-the-line payment, this could mean that a second mortgage was obtained. In this case an investigation of the title could identify the name of the person who held the mortgage. If there’s no mortgage, and the closing was conducted against the responsibility of the buyer, you should establish a Limited Liability Company (LLC) or a Unlisted Mortgage to protect yourself against any potential accusations of wrongdoing from another third party.
Sometimes an Limited Liability Company (or 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 issues with ownership were used to acquire the property. After you have completed your title search promptly you will be prepared to present the information to the closing agent as well as your attorney when you close.
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