Finding Property Info
| | Wednesday, December 17, 2003 @ 08:49 AM EST
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Contributed by: Nancy Chadwick
Nancy Chadwick Properties
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For every piece of data, there is a primary source. This is the source that is likeliest to be the most accurate and current. For real estate documents that are recorded, like deeds, liens and easements, the primary source is the actual record of filings maintained by the applicable governmental department, as well as the documents themselves and the recording information shown on them. The documents are usually kept at the courthouse for the county in which the property is located. So how do you find sales and related info on properties without having to go the courthouses?
You can search in databases. These are great tools as long as you remember a couple of things. They should never be used as a substitute for hands on research and inspection if you need results that are current and absolutely accurate. No database is a primary source of information, including databases maintained by governmental departments. The governmental database, however, may be the next best thing to the primary source depending on the manner in which it was created and the frequency with which it is updated. When title companies insure property title, they do not rely exclusively on databases. They send people to where the records are maintained to physically search them. Real estate appraisers do not just use databases. They conduct additional due diligence and physically inspect the properties involved.
For several reasons, the farther you move away from the primary source of information, the greater the likelihood that the info may not be current and accurate. There is the time factor, since the info has to pass from the primary source down the line through other people or organizations. There is also the garbage in, garbage out principle. The integrity of any database, governmental or not, hangs on the thoroughness and competence of the people responsible for compiling and maintaining it.
Tax assessor and other property databases can save you a tremendous amount of time and effort. You can use them most effectively as screening tools and to gather information subject to confirmation and further research. They are also invaluable in identifying contacts if you have questions, need clarification or additional details.
Note: Nancy Chadwick has developed two books about developing land and conducting research as an investor.
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