Wait. Drop the pen and hold off on signing that property.
Before you dream of moving into a new place you plan to call home you need to ensure it will be yours legally.
How can you do this? By completing a title search on a property. How else will you know the person selling you the place has rightful ownership.
How else will you identify possible financial problems that will make a sale impossible such as liens or unpaid property taxes? Title issues like these are the reason for about 10% of closing delays on a property. Keep reading to learn how searching for titles will help you make an informed choice.
Lookup Titles Online
If you want to know how to complete a property deed search by address, the best way to do it would be online. The good thing about the internet is that you can find properties online including the specifics such as pricing and titles.
There are some land records you can find online for free. There are others you will need to pay for to access information on the mortgage and deed.
If you do plan to get information on a title online, there’s a higher likelihood you will have to pay. Keep a few tips in mind if you decide to complete an initial search on your own online
Searching for Negative Judgements
You need to have attentive eyes when looking at paperwork so you don’t miss a thing. Take your time when looking at information on a house so you can see if there are taxes owed and liens on the current owner.
You should check to see if the lien or affects all property they own or just one. Some states have a lien for certain code violations or other issues that transfers a lien to all property.
You want to make certain any liens, judgments, or mortgages have a subsequent related or satisfactory record. If a title on a house is clean, no judgments will come up.
Create a Chain of Title
You can set a”chain of title” by taking note of transfers of titles against the current and previous owners. Check the legal description and parcel number, including judgments, mortgages, and liens. This is a time-consuming process, but it’s worth it.
Hire a Realtor or Title Agent
Want to know how to get a title report for a property? You may not need to look any further than the real estate agent or realtor helping you get a house. There’s a good chance your realtor already has an existing relationship with title companies.
Realtors are people you want to consider hiring, particularly if the house you plan to buy is a large financial investment. You can also work with a title company on your own. It’s best to research or get recommendations so you can find a trustworthy title company.
When you’re looking for a good title company you should consider how much experience the company has. It’s helpful to check the value against the cost too to ensure you are receiving the best service.
Realtors and title agents are ideal to hire because they can also explain certain information you may not understand or need more information about. They can explain abstracts and reports to you as well as answer any other questions and concerns you may have.
You have the choice of having the title agent or realtor help you with closing. If you opt to work with a realtor or title agent until the end, they can review the paperwork with you. You will have a better insight concerning the funds you put toward the home and what will go to Escrow.
Visit the Tax Assessor’s Office
In case you don’t mind doing the legwork yourself, you can always visit a tax assessor’s office. Getting tax records allows you to get detailed information on both the property and owner. You will be able to locate past and current deeds on properties as well.
This is an option you will only be able to do if the property you want to purchase is within the county or city of the tax assessor’s office you visit. Depending on the state or county you live in, you may be able to conduct a search via tax assessor’s online records.
In any event, it’s best to speak with the tax assessor’s office first to ask how you can gain access to titles and documents. Property tax records will provide you with the lot and parcel number, general information, and history of paid or unpaid taxes.
From there, you will also see if there are any liens against the property that could transfer to the buyer. If taxes the current property owner owes are outstanding, the state or county has the legal right to sell the home despite the new owner not being responsible for the debt.
Complete a Title Search On a Property in a Snap With Title Leader
The last thing you want is to be liable for money issues or experience headaches with ownership. Searching for titles on a home is a must, but it’s not something you should do alone.
This is why it will work in your favor to hire an attorney, realtor, or title agent who uses systems that make completing a title search on a property easy. Using a title company helps reduce the chances of missing something.
Title Leader is one of the few title search management process systems available for property shoppers or realtors who need to look up the status of a title. You will also be able to look up several properties and receive custom reports on auto-pilot. You can give us a call at 866-599-4900 or try it now to see how easy finding the status of a title can be.