Question For You Pros About Title Search
Question for the pros about title search,
Two of the properties I am looking at that are coming up on next sale have changed hands a few times in last 10-15 yrs. Both have had bank liens at one time or another. Both have had warranty deeds also. Trust deeds etc. Both show no liens, mortgages etc. now. Is it neccesary to go back further in search? My way of thinking is, if there was some type of lien from way back, that there would never have been deeds of trust, warranty deeds issued. Is this a reasonable assumption? I understand there could be some type of other problem, but I am mainly concerned right now about any mortgages. PLEASE help. Sale is getting close. Rick
you are right to 'assume' that the search has been done so many times that problems should have shown up by now and that everyone has done their job properly for the past 10/15 years. however, what if they haven't? I wouldn't trust anyone else and would want the job done properly for me.
i always do a title seach/ins. i paid off the mort. on a home the close on the prop. was considered final the title co. had done there job. a few mos. later i received a letter from the attny./title co. stating that i owed about $1500 /$2000 more that a mistake had been made. i informed them "that is what i have title ins. for " i didn't hear from them again......kenmax
Feel free to do a preliminary title search yourself only going so far back but I would highly recomend purchasing title insurance or receving a title opinion from an attorney. It is relatively cheap compared to the cost of a mistake later.
GOOD LUCK