Checking a property, as well as its title is a vital step in the home buying process. It is similar to performing a background check. This process not only concerns the title and potential owner, it also determines any additional factors which might affect future property ownership.
Real estate specialists recommend fact checking specific data by assessing the public paperwork that can be found in county or city courthouses,deed registries, tax assessor’s offices, and so on. Records at your area city or county offices offer the most reliable and accurate information, as these are also the sources of information used for assessing taxes in the area.
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Though it may be a tedious process, it is better than discovering later on in the home buying process that there are problems with the title which can affect property ownership. The search technique will depend on how your public office sustains their files; therefore, it might be necessary to verify other sources aside from the title certificate.
So what’s included in a title search process?
Establish an owner’s identity or check the present owner’s right to sell the piece of property. An in-depth real estate title search to check ownership status includes tracking the history of every transfer associated with the real estate. This ensures that the title of full ownership properly transferred from one prior owner to the next in the history of the title. This search process involves searching into the various types of deeds that connect the property title to all property transactions.
To verify the transfers between owners, assess the Warranty Deeds and Grant Deeds paperwork in order to support the official title transfer from one property owner to another. Grant Deeds will be like Warranty Deeds, and either might be noted in the file of public documents you acquire.
Be certain that the real estate wasn’t transferred to an additional owner as a ‘gift’. The transaction will refer to the ownership right transfer over the real estate without the exchange of money. In this case, the named parties are usually related to one an other. The paperwork includes the Gift Deeds whereby the primary element and reason of property ownership transfer is often defined as ‘consideration and love’.
Check the non-existence or existence of any encumbrances which result from delinquent or unpaid taxes. Check if there are any Tax Deeds in existence that might have been given by a seller in order to satisfy any delinquent or unpaid taxes. Such deed supports a property transfer to a purchaser who offered to pay off the unpaid or delinquent taxes in exchange for property ownership. This can happen if a property up for sale was auctioned off due to tax delinquency.
Decide if the real estate has no mortgage encumbrances in existence. Usually, a title certificate will contain an annotation of all mortgage deeds naming the real estate as collateral. Another kind of property ownership conveyance associated with mortgage deeds include Deeds in lieu of Foreclosure, utilized by a borrower for negotiating a defaulted mortgage loan payment with lenders.
Contact Title Lab to help with your Title Search Process.
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