Title search...

[investinAK]

Hi all,
I am told that one of the first things to do when you get an offer in on a property is to order a title search...How do I do this, and about how much does it cost? Thanks in advance for your replies,


Ryan

[REIaddicted]

Hi Ryan,
This is exactly what you are looking for. This is how to do your own title search and the forms used. Best thing, it is FREE for you to do it :)

Lisa

[investinAK]

Hey Lisa...
I am not sure, but was there supposed to be a link with your replay to this thread? Just curious....

-Ryan

[REIaddicted]

Hey Lisa...
I am not sure, but was there supposed to be a link with your replay to this thread? Just curious....

-Ryan

http://www.magicbullets.com/forum/showthread.php?t=204&highlight=title+search

There ya go. I am in chat at the moment if ya want to pop over.... I guess having my 3rd kid move back in has put a stupid moment on me! LOL

[Luci Marcum]

Hi Ryan!

You can also contact a local title company and ask them to do the title search for you. Most states I have dealth with there is no fee if the transaction does not complete. You may want to verify with the escrow officer and the title company just to be sure :rolleyes:.

[investinAK]

Not to sound incredibly NEWPID....(my oh so clever combination of the words NEW and STUPID) but what exactly am I looking for in the title search? :SM030:


thanks,

Ryan

[REIaddicted]

You are looking at the all these things:

Chain of title
In the process you will look for:
Proper ownership
any encoumbrences ( tax leins, mechanic leins ect)
easements affecting aces or profit of the propery ( there is a thread on on that happened to a member here)

John, do you want to expand here?
Lisa

[moodykitty.com]

My apologies if I missed something but can we do a title search online?

I'm looking at www.netronline.com but cannot find where I would do a title search.

Thank you :)

[Dan Auito]

Here is a title search outline compliments of our wonderful family member Lisa AKA reiaddicted:


How to do a title search
Sorry if this is long. I generaly start with an on-line basic search then move to the court house. These are the areas I look at.

A title search generally includes mapping a chain of title by examining all the recorded deeds concerning the property. A chain of title is established by determining that the present owner received valid title from the prior owner, and the prior owner received valid title from that prior owner on down the line for a certain number of years.

What’s on the title?
You will find:
• the names of the owner(s) of the land;
• description of the land;
• easements;
• mortgages;
• Caveats; and covenants.

What you can find and where:

TAX ASSESSOR’S OFFICE

WHAT YOU CAN FIND:

• LEGAL DESCRIPTION
• PROPERTY DATA
• TAX APPRAISAL

RECORDER OF DEEDS

WHAT YOU CAN FIND:

• HISTORY OF TITLE
RECORDED DEEDS

ELEMENTS OF A VALID DEED

 Name of the grantor
 Name of the grantee
 Recital of consideration
 Legal description of the property
 Words of conveyance
 Signature of the grantor
 Acknowledgment
 Delivery and acceptance

TYPES OF DEEDS

 General Warranty Deed
 Special Warranty Deed
 Quitclaim Deed
 Deed of Trust / Mortgage
 Release Deed
 Trustee’s Sale Deed
 Sheriff’s Deed

DEEDS: BOOK ACCESS

1. USE PROPERTY’S LEGAL DESCRIPTION
FOR SUBDIVISON INDEX TO LOCATE LAND
LIST BOOK / PAGE NUMBER

2. PULL OUT LAND LIST BOOK, TURN TO
CORRECT PAGE NUMBER AND NOTE
TRANSFER OF OWNERSHIP

3. LOCATE TRANSFER OF TITLE

4. GO TO MICROFILM AND PULL
THE CORRECT BOOK, THEN
SEARCH FOR THE CORRECT
PAGE.

5. VERIFY CURRENT AND
PREVIOUS OWNERS ON
WARRANTY DEED

DEEDS: COMPUTER ACCESS
1. SELECT NAME OPTION ON THE FIRST SCREEN

2. TYPE IN NAME OF CURRENT OWNER

3. CROSS REFERENCE LEGAL DESCRIPTION FOR DEEDS RECORDED ON SUBJECT PROPERTY

4. BEGIN SEARCH WITH WARRANTY DEED, THEN CONTINUE SEARCH FOR OUTSTANDING DEEDS OF TRUST

5. DEED OF TRUST:
VERIFY PARTIES, NOTE AMOUNT, TERM OF LOAN, INTEREST RATE IF AVAILABLE

TREASURER OR COLLECTOR OF REVENUE’S OFFICE

WHAT YOU CAN FIND:

PROPERTY TAX BILL

 THE PROPERTY TAX BILL

Morgage still owed:

How do we estimate the amount owed on a property?

Say the Mortgage Date was 1/1/94 for $200,000 at 7.75% interest. The monthly payment is $1,510.66 and using the loan amortization it has a balance of $148,223.48 left on the mortgage. Since the loan was in 94 for $200,000 and about 10 years has gone by we have a great equity spread even without even considering property appreciation.

I will also post the form I use.

Lisa

[moodykitty.com]

Dan, Thank you. I had seen that thread, good info.

I was wondering if there is a way to do a title search on the internet. I've seen some google ads in which you can pay for them. I'm just wondering if those are any good and if so, which site would you recommend?

Thank you

[Dan Auito]

UGH! I would look into 1st American Title Services they have come out of the gate with some killer applications as of late and would probably be able to lend some further insights. I'm away from my main frame so have limited resources but you can look in the quick links lists in the topic block "bring the world wide web home" for their link!