Title Search is a term you may not have heard of before, but it’s an important one when it comes to dealing with the real estate concerns in your area. Here’s some information on title searches and why they are important to you if you’re buying or selling a property.
Title Search Overview
A basic definition of the term Title Search is that it refers to obtaining a Certificate of Title document copy which is current and up to date. The document should have all of the most important and up to date information about the property on it, such as who owns it currently as well as full information about the land.
Exactly What Is In a Title Search
The information you get when you do a Title Search will depend on the property. Generally, you’ll get data on whether you’re restricted in the use of the land in any way, as well as a full list of the liens, easements and covenants the land has, including things like mortgages still on the title, and anything else that might be of note to potential buyers like caveats.
Why People Do a Title Search
The main reason for doing a Title Search is to do research on the property as a due diligence to make sure that there’s nothing they’re missing. For example, if there are liens on the property that have to be paid off before it can be sold, this is rather important information relevant to potential buyers who will have to make a determination on whether the property is worth it to them taking all of this into account.
Generally, the best way to avoid any nasty surprises when it comes to purchasing a property is to do this kind of research ahead of time. If you’re buying a property for a specific purpose and it turns out that the property has restrictions that prohibit you from that purpose, taking actions to find out about it ahead of time is crucial to making sure you aren’t stuck with it by accident. After all, the time to find about this is before and not after the deal has been finalized.
It’s also sometimes helpful to perform a search in order to figure out how the property has moved from one entity’s hands to another over a period of time. The search can reveal who registered the property when, and what else happened to it along the way. There could be many different reasons for why someone would want to know how a land came to be in its current state, such as trying to figure out what state the property is in now. For example, if the land had been in the hands of a particular type of mining or other similar company in the past, this could have an effect on what state the land is in now.
This could give you clues about whether the land will be useful to you or not, depending on what you plan on using the property for yourself. It may also give you ideas for what types of tests to request for the property or land before or after you purchase it. It can also be useful to do a Title Search based on a different type of angle. For example, if you want to know what properties particular groups or people own, you can search based on their name.
You can also often search properties based on other factors such as a particular address. If you’re looking at a particular stretch of land and all you know about it is the address or address range, you can search based on this address in order to get information about the properties that exist at that address.
Other Terms to Know
The term “deed reference” is also worth knowing, though it essentially means a Land Title, it’s a different way of referring to the document. It’s worth knowing that these can sometimes be interchangeable references, however, in order to avoid the possibility of becoming confused. This is also sometimes just called a “Land Title Search” as well, which is a more straightforward way of putting it.
Performing a Title Search
It’s often simple to perform a Title Search in order to obtain a copy of the Certificate of Title. It just requires finding a conveyancer that can handle this for you. Speak to the team here at Titlexchange about getting matched to a local and licensed conveyancer. They will assist you through the process of buying or selling a property.