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A title search digests the available public records relating to the real estate property being searched. In most instances an attorney or agent will utilize a number of legal documents to confirm that the property owner is legitimately the owner of the property. A title search online will also show any liens or claims against the property. These can range from property taxes (paid or not paid) to judgments filed against the property owner due to a variety of negligence-related actions.
To have access to this information the information, a title search should be completed at least every year. Contact the county clerk in the county in which the property is located to do this. They will inform you of when the title search will be due and what the cost will be. They’re generally quite affordable. However, you should also think about the possibility that there have been multiple previous owners and/or that there are several judgements against the property the costs could get expensive quickly.
Another method is to conduct an a title search that does not require the county clerk. Instead, you can call a title company or private investor that has the ability to access public records and track down all liens and judgments against the property. Sometimes, it’s just a matter of contacting the lien holder on the phone or writing an email. Sometimes, it’ll require going to court or making formal requests to the courts. Whatever way it happens, the process of finding the judgments and liens could be lengthy and frustrating.
All of this being said it’s essential to remember that each activity has a place and an time. If there are several participants that are involved in the title search you have to conduct your own research. Conducting a title search is required to be done regardless of whether you are working with a real estate agent as well as a title company or an investor from the private sector. The only way to get title is to be legally entitled to the property on the date of the transaction.
As mentioned previously you can decide to purchase the house yourself and have an open title insurance policy. This policy will make selling the house much easier. However there are some who will not find it that easy. There is so much to be gained from selling an entire house, and because titles searches are required in order to be sure that you have clear title, you have to adhere to 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 will need to first get a title search from every county in which the house is located. A search with a limited coverage will typically not reveal additional liens that would prevent the buyer from purchasing the property. A lien register will typically show all liens that are on a deed of trust.
Title insurance generally protects you from liens and judgments after the closing. A title search may uncover other ownership issues. A title search could reveal other ownership issues for instance, an earlier owner who held a mortgage on the property, but never made final payments. This could suggest that a second mortgage was obtained. In this instance the title search may reveal the name of the mortgage holder. If there’s no mortgage, and the closing has been performed against the liability of the buyer, it is necessary to conduct an Limited Liability Company (LLC) or an Unlisted Mortgage to protect yourself against any potential allegations of wrongdoing by another party.
Sometimes an Limited Liability Company (or Unlisted Mortgage) will need to pay taxes. In this case you must inform the tax authority in your area that a trust deed, or other ownership issues were used to obtain the house. After you have completed your title search in a timely manner you will be prepared to present the information to the closing agent and/or your attorney when you close.
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