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A title search identifies the public records related to the property. An agent or lawyer will use a variety of legal documents to prove that the owner is the legal owner of the property in most cases. A title search online will also show any liens or claims against the property. These can range from tax liens (paid or not paid) to judgments against the owner for a variety of infractions.
In order to have access to all of this it is necessary for a title search to be conducted at least once a year. This can be accomplished by calling the county clerk of the county where the property is located. They will notify you when the title search will be due and what the cost will go. They’re generally quite affordable. These costs are often high in the event that the property was held by multiple owners or if it has been subject to several court judgments.
Another method is to go about conducting a title search that does not involve the county clerk. You can instead contact a title insurance company or private investor with the resources and time to dig into the public record and find all available judgments and liens against the house. Sometimes, it’s as simple as contacting the lien holder or sending them a note. Sometimes, it’s going to court or making formal requests to the courts. No matter how it’s done the process of finding judgments and liens can be lengthy and tedious.
All that being said it is important to keep in mind that each activity has a purpose and an time. In the event that there are multiple parties involved, it is important to be sure to do your homework. You must conduct a title search regardless whether you are working with a realty broker or a title firm or an investor who is private. A clear title is only achieved by a legal claim on the property at the time of transaction.
As previously mentioned you could decide to purchase the house yourself and also have an open title insurance policy. Having this policy in place will make the selling process very easy to complete. However it isn’t for everyone to find it that easy. Since there is so much at stake when selling a house and because the title search must be conducted to ensure that you have a clear title, you have to adhere to the rules of your state for this process very carefully.
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If you buy the house by yourself and there are liens and judgments registered against the property you need to first obtain an official title search from the county in which the property is. A limited coverage search won’t typically reveal additional liens that would prevent buyers from purchasing the house. A lien register can usually show all liens in the trust deed.
Title insurance usually protects you from liens and judgments following 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 but did not make the final payment, this could indicate that an additional mortgage was secured. A title search may identify the name of the mortgage holder in this scenario. To safeguard yourself from accusations of wrongdoing brought by others, you will be required to create an Limited Liability Company (LLC), or unlisted mortgage if there’s no mortgage.
Sometimes a Limited Liability Company or an Unlisted Mortgage may be required to pay taxes. In these instances you’ll need to notify the tax authority of the location of the deeds of trust or other ownership issues used to purchase the house. Once you have completed your title search promptly you will be better prepared to provide this information to the closing agent or attorney when you close.
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