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A title search sifts through the public records that are available to the real estate property being searched. In the majority of instances an attorney or agent will utilize a number of legal documents to verify that the owner is the lawful owner of the land. A title search online will also show any liens or claims against the property. These could include property taxes (paid or unpaid) to judgments against the owner for various negligence-related actions.
To have full access to this information, you need to conduct an investigation of the title at least once a year. This can be accomplished by contacting the county clerk of the county where the property is located. They will inform you of when the title search is due and how much it will go. They’re generally quite affordable. These costs are often high when the property is held by multiple owners or if it was the subject of numerous court rulings.
There is a different way to go about conducting an a title search that doesn’t require the county clerk. You can instead approach an insurance company for title or private investor who has the time and resources to delve into the public record and discover all available judgments and liens against the house. Sometimes, it’s just a matter of calling the lien holder or sending them an email. Sometimes, it’s going to court or making formal requests through courts. No matter how it is done, the process for finding judgments and liens can be frustrating and time-consuming.
With all this said it is important to remember that each event has a place and an time. If there are multiple parties that are involved in the title search it is essential to conduct your own research. You must conduct a title search regardless of whether you are working with a realty broker or a title firm or an investor who is private. Clear title can only be secured through a legal claim to the property on the day of the transaction.
As mentioned previously you could decide to purchase the house yourself and you will need an open title insurance policy. This will make selling much simpler. Unfortunately it isn’t for everyone to find it so easy. Because there is a lot at stake when selling the house and since titles searches are required to ensure that you have clear title, you have to adhere to the rules of your state for this type of activity with a great deal of care.
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If you are purchasing the house by yourself and there are judgments and liens registering against the property first conduct an official title search from the county in which the house is located. A limited coverage search won’t typically reveal additional liens which would hinder buyers from purchasing the home. A lien register is typically include all liens on a deed of trust.
Title insurance is typically used to protect you from liens and judgments following the closing. However, a title check may also reveal other ownership issues. For instance, if there is an owner before you who had an outstanding mortgage on the property and never made the final payment, it could be that a second mortgage was obtained. A title search may reveal the name of the person who held the mortgage in this instance. If there’s no mortgage, and the closing was performed against the liability of the buyer, you should make an Limited Liability Company (LLC) or an Unlisted Mortgage to protect yourself against any potential claims of wrongdoing made by the other third party.
Sometimes it is the case that a Limited Liability Company (or Unlisted Mortgage) will need to pay tax. In this instance, you will need to inform the tax authority in your area that a deed of trust or other ownership documents were used to acquire the house. When you’ve completed your title search promptly you will be better prepared to present the information to your closing agent or attorney when you close.
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