Sat, Jul 04, 2009
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Can I Do My Own Title Searches? |
MiamisCraziest
115 Posts
Member Since: 11/21/2006
Auburndale, FL
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Posted: 19:02 on 11-21-2006
If we are able to research everything about a property online thru the clerks records and the property appraiser's websites. And we are able to see liens, mortgages, and IRS liens etc...Why do I need a title search?
What is the difference between what I am finding online myself, and what a title search finds?
Isnt a title search to find out about liens...Or am I missing something here?
Thank you all!
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bargain76
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Jacksonville, FL
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Posted: 19:23 on 11-21-2006
I do most of my own title searches back to the deed when the property was purchased by the current owner. When buying at the Courthouse, that is usually sufficient. But when I put money down on a property, I usually order a title search.
The problem is that my title search can only go back to 1988 because our public access record system only goes back that far.
But when I sell a property a 30-year title search is required. To get title insurance, the chain of title for 30 years must be clean.
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MiamisCraziest
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Posted: 19:26 on 11-21-2006
Thank you so much...I am so glad I found this website today. Have a good night.
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donanddenise
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Snell, VA
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Posted: 20:38 on 11-21-2006
title insurance is so cheap, why take the risk, if you miss a lien,then it is you who will pay, not the title company. it is fine to do your own,I have on many occasions, but, I always pay for a title search and title insurance, unless your at the courthouse then everything is wiped clean by foreclosure except our buddies the IRS, and they are wiped after 120 or 180 days.
good luck
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loon
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Duluth, MN
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Posted: 22:51 on 11-21-2006
I don't like giving much money up front for my deals, esp. Sub Tos, but when I do give cash--usually on the back end--I have a clause in my contracts that any 'forgotten' or undisclosed title flaws will be fixed at the seller's expense...and will come out of their back end. And I usually order an O & E, they only cost $60-100 around here. For some deals, like the local ones, I even just drop by the courthouse and search for red flags and other recorded bugaboos myself...and of course, judgements.
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rglover548
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Member Since: 06/20/2005
New Orleans, LA
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Posted: 21:20 on 11-24-2006
Title searches are a legal scam, they are unnecessary in many cases. Electronic title records date back over 25 yrs in most large cities...i.e. it takes about 5 mins. The charge for the "insurance" does not align with the "risk". Although im sure it happens once in every 10,000 home closings. I have never heard of a title company "paying" for some claim they missed. I.e. its about 99% profit business...just admin expenses and i guess bribes to state politicians keep the insurance "high". This really should cost $150, but they get $1000 or more in most cases...
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MiamisCraziest
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Posted: 11:54 on 11-26-2006
That is what I assumed. I figure, if I can see the same stuff ONLINE and at the COURT HOUSE that the title company sees when it searches...than really there isnt that much point of a title search UNLESS you dont have time to properly and diligently research each property....which I do have TIME, so I will rely on my research.
Besides, I do tax deed auctions and as soon as I buy, I sell to a wholesaler...so title insurance is not a concern of mine.
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rglover548
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Posted: 16:14 on 11-28-2006
Well you cant do a Title search yourself if there is a mortgage involved. It must be stamped by a ....get this...someone certified to do a 50yr search....dont matter if the home is only 20yrs old. Guess who's certified to check if President Roosevelt has a claim?
All you need to do is go to court house, type in the property, and voila!! you get all the judgments, liens, Home Equity, Refinance, and current mortgages recorded since 1977...only 5 mins in New Orleans. It has a big red mark if the loan is still open...and nothing if it has been paid. It even has phone numbers of claimants...which you can call if you want.
I did this before i made an offer on a 4 plex 2 yrs ago. I knew so much about what the guy paid, I was able to successfully low ball...and he thought he was doing good...simply because it was more than he paid.
Good luck, and dont get scared by some silly person telling you that you cant read a printout.
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MiamisCraziest
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Posted: 17:22 on 11-28-2006
lol....thank you for your help. I figured the courthouse has everything I need to know!
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maximizelive
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Member Since: 09/16/2008
Thornton, CO
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Posted: 22:42 on 10-07-2008
Not as simple in my county. First the mortgage records are organized based on "grantor" and "grantee." You can't just put in the property info and pull back all the lien records. Secondly, my county seceded from another county 10 years ago, So if the house is more than 10 years old, you have two counties to deal with.
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On 2006-11-28 16:14, rglover548 wrote:
Well you cant do a Title search yourself if there is a mortgage involved. It must be stamped by a ....get this...someone certified to do a 50yr search....dont matter if the home is only 20yrs old. Guess who's certified to check if President Roosevelt has a claim?
All you need to do is go to court house, type in the property, and voila!! you get all the judgments, liens, Home Equity, Refinance, and current mortgages recorded since 1977...only 5 mins in New Orleans. It has a big red mark if the loan is still open...and nothing if it has been paid. It even has phone numbers of claimants...which you can call if you want.
I did this before i made an offer on a 4 plex 2 yrs ago. I knew so much about what the guy paid, I was able to successfully low ball...and he thought he was doing good...simply because it was more than he paid.
Good luck, and dont get scared by some silly person telling you that you cant read a printout.
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commercialking
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Posted: 08:33 on 10-08-2008
Of course you can do your own title searches. But don't count on them too much. In the end, after all, you are an amateur, the guys at the title company are professionals. ALWAYS buy title insurance at the closing.
Yes, I have seen the title company find liens that I had missed. Yes, I have collected on title insurance. Yes, I have had the title company pay big bucks on attorney's fees defending my title position after they insured the title.
Just because JGLover has never heard of a title company paying out doesn't mean it doesn't happen.
Like all insurance it looks like a lot of money compared to the risk. Until you figure out that what is at risk is all you paid for the property and more by the time you get done with legal fees and lost time.
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Titlesearch
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Member Since: 10/07/2008
Buford, GA
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Posted: 09:52 on 10-08-2008
You can do you own title searches on properties that you may be interested in. This is a great skill for you to learn as you obviously cannot continue to pay for title searches on properties you may or may not get a chance to bid on.
Most of the time you will only need to do a limited title search to find the information that you need about a property to determine if you are interested or not. Its not as easy as going to the computer and typing in an address and getting everything you ever wanted to know about a property. Although, the information is there you need to learn how to pick it out and determine what still applies to your property and what does not.
You can learn how to do this very quickly. You can go to a site that teaches you how to do this. It is located at Titlesearch. Coursehost com and it is an excellent course. It is approved for continuing education credits for Attorney's and Real Estate Agents so its the real thing.
Take a look and try it out and you will be able to make an informed decision on the properties that you are interested in. An educated investor is a successful investor. Good luck and I wish all of us the best.
Bill
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omicron3000
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Abington, PA
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Posted: 10:54 on 10-08-2008
Well you can get your title searches, and in some cases like my own I will get the title search done one of the reps that works for or owns the title company at a cheaper price if I do it thru there office.
Ex-Title Company owner allows me option to get a quick search done for $65, or have it done in his office for $200
Or I can do it myself, the downside is that you are better off leaving it professionals, and that when have a contract with earnest money held in escrow, the title company will charge you with the title search upfront anyway, this is one thing many courses do not tell you when you are assigning contracts as a real estate contract dealer.
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MAT3Sigma
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Member Since: 11/23/2007
Grand Junction, CO
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Posted: 11:43 on 10-08-2008
I've tried to search titles a number of times and have found it extremely confusing. I've searched in California and Colorado. What am I missing? (Other than an expensive course)
A few years ago I. via my self directed IRA, lost money invested in second trust deeds due to fraud. (California Plan/Michael Schneider in the San Francisco Bay Area).
One deed of trust was initiated in 1997. The deed was supposed to be due a couple of years ago. Instead, it I later found it had been paid off in 1998. California Plan/Michael Schneider took the money and played with it.
After I was informed of the fraud, I tried to search the deed. (I'm not in California so all is done on-line.) I never signed a reconveyance and the deed was shown in the Sacramento County records with no reconveyance.
In discussing this with different people involved, a lawyer told me that the property was sold and the escrow officer was able to get rid of the deed as an encumberance. But I could never see any evidence of that on-line. And as I say, the deed itself doesn't show any reconveyance on-line.
Again, all you sage people out there WHAT AM I MISSING?
Thanks,
ann
p.s. I have been told that since there is a note, I could sue for the note, but have not pursued it
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JohnMerchant
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Tacoma, WA
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Posted: 16:52 on 10-11-2008
Few lawyers would be willing to bank on their own title law knowledge and do their own title search.
There are too many things that can occlude or encumber a title and unlesss that person is doing it everyday, full time, he's probably not as well equipped to do so as the pro title officer at the T co..
One of the toughest law school courses is Titles & Liens and I well recall the horror of final exam that the instructor put together...EVERYTHING was wrong with his example title and few of us really aced that final.
I freely admit I did not and I thought (then, not now  )that I was pretty smart.
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