Title Search : Frequently asked questions and answers
What is a title search? A title search looks for mortgage, judgments and liens that are public recorded against a specific property.
Does a title search reveal all judgments against the owner? Only if it was recorded against that specific property.
What does a title search not reveal? 1. How much is owed to the Homeowner/Condo Association in maintenance fees unless they have recorded a lien. 2. code violations 3. open permits 4. survey issues i.e. boundary encroachments, easements etc. 5. liens in progress, not recorded 5. municipal violations( i.e dog registration fines, water bills) 6. other liens against the owner that may still attach in due course i.e. credit card bills, child support etc. 7. special assessments either public or private by the HOA/Condo Association or any other public or private body
Does this search protect me when I am buying a property in foreclosure? No, this is only a search, this is not title insurance. You are indemnifying and hold harmless our company against any losses resulting from this search. Auctions are high risk transactions that can result in the partial or total loss of your investment. You will have no recourse against our company or the seller in the event the property has title defects. ***Purchasing auction properties is a high risk transaction**** We do not provide any representation about the marketability of this property.
Will property taxes go up? Please consult the property tax appraiser in your county for more information.
How recent is this information? It depends on the county you are searching, but generally public records are up to date about 8 weeks back. What this means is anything in the process of being filed or recorded will not be reflected. This is also known as the “gap period”.
How does a title search compare to title insurance? A title search is just a search providing information. Title Insurance provides the owner coverage for their investment value. If a title defect surfaces in the future, the owner is protected against claims by other (heirs, creditors) when they purchase title insurance only.
Click on the image below to see a sample of a title search:
More questions? Please contact info@theclosingcompany.net or 305-271-0100 x701
Legal disclaimer: The Closing Company is not providing legal, estate planning, tax or investment advice. Please consult with a licensed Attorney for legal advice or before signing any legal documents. Please consult with a CPA for tax planning and advice.
