Top Guidelines Of title search services texas

Why Do You Need Title Search Services?

A title search is a vital step before a property can be transferred to someone else. Any error in the title, large or small, can hold up the transfer. So, if title searches are conducted by everyone involved in the transaction, and then cover all of your bases, which includes:

Most title search services in Florida follow what is called an open records list. That means they pull up whatever information is in current use about a property. This includes property descriptions, recent sales, tax data, and anything else that may be helpful to your investigation. They also pull up any lawsuits filed against the current owner and what the former owner's outstanding mortgage payments were on their home equity loans.

But what is a property title search? It's an exhaustive examination of any property that you are interested in and is either: owned by someone else or not owned by anyone else. If you don't own it outright, it still has all of the above data that you would need to conduct your own property title search services.

Why would a buyer pay for title searches? One reason is to determine if any liens on the property need to be paid off and another reason is to make sure the person buying the property knows who the previous owners were. Suppose you are looking at purchasing a vacation home in Florida and you run all of the information that is available to you on the Internet. You find out that the previous owners had a mortgage on the property and it was defaulted on.

Now suppose you are an investor and you learn that the property title insurance company is now selling this vacation property because they can't collect on the loan. What do you do? You'll want to know who owned the property before the foreclosure and who still owns it now.

The second reason you might need to conduct a home equity title search is if you are going to be refinancing the mortgage on your home. There may be something called a "note on the property condition" that will allow you to determine what the property is worth. This is basically where you can find out what the homeowner's financial situation is like since it took them so long to pay their first mortgage. If it's a fairly decent foreclosure and the homeowner missed their second mortgage then you have some opportunity to negotiate a much better deal.

When you use an expert to do this work you have the opportunity to see what liens exist on the property as well as the amount of time title search services texas they have been posted. The amount of liens is important click here because you need to know what to expect from the property after the foreclosure sale. For example, many liens will be wiped out after a short time since there is no money owed to them. But others will be very difficult to wipe out and could take years before they are paid off. So it is important to know what kind of lien exists on the property to be able to determine its value after the foreclosure sale.

There are many reasons to use a professional company to do this kind of search on your property. The most important thing is that you can protect your equity and continue to live in your home. The last thing you want to do is lose your home to a lender when you had nothing to do with it. With the help of an expert, you'll be able to save your home.