title search services job description - An Overview
Title Search Services - A Brief Overview
What exactly does a property title search involve? Essentially, a property title search involves the gathering of public records that demonstrate who owns the property in question, and through that ownership to sell it to the buyer. Typically, a property title search takes place when an offer on a property is received.
In many instances, this will result in an offer that is lower than the property's current market value. The reason for this is that title companies charge a fee per search, and in some states, the amount is capped at $100. Additionally, the title company must report any offers received within a certain time frame. These days, many property owners prefer title search services because they do not want to deal with the prospect of having their property sold without any type of legal documentation.
How can title search services help buyers? Essentially, when a buyer intends to purchase the property, they will approach any number of title companies. Many companies will conduct multiple studies, many of which are free, before making an offer. The resulting reports will determine the property's current value. This allows the buyer to know how much they should offer and lessens the risk of being cheated out of a good deal. Title companies also allow potential buyers to avoid property owners who may suddenly decide to foreclose or sell the property without first clearing the title.
There are many different types of property title search services. Some offer nationwide coverage for liens and encumbrances, while others limit their searches to property located in specific areas or for specific types of property. Property title search service that limits its searches to the local property will focus its attention on the city in which the property is located. The national scope offers more but comes at a higher cost.
A comprehensive title report is created after thorough research and is typically title search service available in a report format. This will list all known liens and encumbrances. They will also provide information on other ownership issues such as what kind of mortgage was used (either fixed or adjustable), how much money was spent on taxes, what kind of down payment was made, and whether the property changed hands between owners. While these services may seem intrusive, they are required by law if you intend to use them to purchase a property. For example, a quick search of the title report is required if you are planning to purchase a house or condo in New York. If you are looking to purchase a property in another state, you will need to perform the same searches.
When performing a title search, one of the most important factors is knowing whom you are buying the property from. The buyer can be either the former owner or an assignee, such as a bank. If the former owner is unknown, the best place to start is with the assignee. Usually, agents have a large database of previous owners and can help narrow the list.
One problem that can arise when selling property in a new city is that the previous owner's ownership may not be clear. The title company can help you check the accuracy of the document by cross-referencing it with the deed and sometimes with other records like the building titles or mortgage books. In some states, some companies specialize in clearing any ownership issues that arise. As a buyer, you may also have to take this course, especially if you plan to live in the property as an occupant for some time.
Title searches are important when purchasing property, but they should be conducted with great care. Knowing who the title search service previous owners are will alleviate any fear about whether you are buying a legitimate property or not. As long as you can find the necessary information to avoid problems, title searches will help you achieve your goals as a real estate investor or purchaser. The name and address of the previous owners, as well as their current address and phone number, should all be on hand when you conduct your research.