What Information is Included in a Title Search Report?
Everyone knows a real estate transaction NEEDS a title search, but do you know what’s included in one?
Here are 4 key pieces of information reported in an NTS title search.
1. Outstanding Liens
This might be the most important information a title search will find. We’ll find out if the property has any voluntary liens, like mortgages, and if there are involuntary liens such as tax liens.
2. Current Ownership & Chain of Title
This information reveals the current owner of the property and the title history. It may seem obvious, but we always make sure the property is being sold by the Seller on the listing.
3. Real Property Description
This is legal description of the property as recorded in public record. Combining the real property description with the survey gives buyers a big picture view of the entire property being purchased.
4. Tax Information
This info will include the ad valorem taxes, included current payment status of the property and any back taxes due.
For more information or to order a title search, contact us today!
Hidden Headaches with Vacant Land
We often hear the question, “Is a lien search needed for vacant land?”
We always recommend that a lien search be ordered. Vacant lots can hide thousands of dollars in special assessments, or if a home has recently been demolished, there may be an unpaid utility bill under the prior address.
By far the most common code violations we see for vacant lots are those pertaining to debris and lot clearing issues. If not remedied, the open code violation will eventually turn into a lien against the property.
When it comes to permits, it’s possible to have one issued and never have any work results from it (for example, a single-family home permit that was applied for). Those permits can expire and create issues for buyers. Unresolved permit issues can arise if the land had a structure on it at some point. Many municipalities will not allow a new permit to be opened on a property without any prior permits being closed out.
To order a lien search for your vacant property, click HERE.