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A title search sifts through the available public records relating to the property in question. An attorney or agent will make use of a variety of legal records to verify that the owner is the legal owner of the land in the majority of instances. Beyond that, however the title search online also uncovers any other liens or other claims that are against the property. They can range from tax liens (paid or not paid) to judgments filed against the owner for a variety of negligent acts.
To have full access to this information, it is necessary to conduct a title search at least once a year. Contact the clerk of the county of the county where the property is located in order to complete this. They will provide you with information regarding the due date for the title search and also what the cost will be. Typically, they are affordable. They can quickly increase if the property has been owned by multiple people or has been the subject of multiple court rulings.
There is another way to conduct an investigation into the title of a property that does not involve the county clerk. You can make contact with a title agency or private investor that is able to access public records and track down all judgments and liens against the property. Sometimes, it’s simple to contact the lien holder or writing them an email. In other cases, it may need to be taken to court or make formal demands through the courts. Regardless, of how it happens, the process of finding the judgments and liens may be time consuming and very difficult.
With all of this being stated, it is vital to remember that there is an appropriate time and location for each of these actions. In the event that there are multiple parties involved, it is important to do your due diligence. Conducting a title search needs to be done regardless of whether you are working with an agent for real estate, a title company or an individual investor. A clear title is only secured by a legal claim against the property on the day of the transaction.
As mentioned previously, you may decide to purchase the home yourself and you will need an open title insurance policy. This policy can make selling the house much simpler. Unfortunately, not all buyers will have this easy time. Because there is a lot riding on the sale of a house and because titles searches are required in order to be sure that you have clear title, you need to follow the regulations of your state in this type of activity with a great deal of care.
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If you buy the house on your own and you find judgments and liens registered against the property you must first obtain a title search from the county in which the property is. A search with a limited coverage will typically not reveal additional liens that would prevent the buyer from buying the property. A lien register will typically include all liens on a trust deed.
Title insurance generally protects you against liens and judgments after closing. A title search can reveal other ownership issues. For instance when there is an owner prior to the search who had a mortgage on the house however, they never made a final payment, this could indicate that a second mortgage was obtained. A title search can reveal the name of the mortgage holder in this situation. If there is no mortgage and the closing has been completed against the liability of the buyer, then you need to conduct a Limited Liability Company (LLC) or an Unlisted Mortgage to protect yourself against any potential accusations of wrongdoing from the other party.
Sometimes the Limited Liability Company (or Unlisted Mortgage) is required to pay tax. In this instance you’ll need inform the tax authority in your area that a trust deed or other ownership issues were used to obtain the house. You will be more prepared to give this information to your closing agent and/or to your attorney at closing if you have completed your title search in a short time.
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