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Property Title Search: How to Find Liens on a House

Property Title Search: How to Find Liens on a House

Prior to purchasing a property, it is crucial to conduct a property title search, which involves examining the legal documents and certificates issued by the government. This step is considered of utmost importance as it helps determine and confirm the property's legality for purchase. Typically, an attorney or legal expert issues a concise certificate after visiting the property site, reviewing the submitted documentation, and presenting their findings in the form of a certificate. These certificates provide assurance regarding the authenticity and marketability of the property.

About Residential Property Research

The real estate industry in the USA is experiencing growth, driven by increasing population and the demand for residential properties. Effective planning is crucial when allocating land for construction, considering factors such as available space and utilities. Therefore, prior to executing any construction project, legal research is conducted to obtain government approval. It is also important to understand the distinctions between LIG (Low Income Group), HIG (High Income Group), and MIG (Middle Income Group) residential projects. Additionally, it's worth noting that most residential properties are not permitted for industrial purposes.

Know About Judgment And Lien

The processes of judgment search and lien search are interconnected. A judgment refers to an official court decision related to civil matters. Understanding how a judgment search works involves the court's examination to determine if any conditions have been lifted or are pending imposition. This information is crucial for the judgment debtor's decision-making process. On the other hand, liens are separate from judgments and serve as a constructive notice to potential claimants regarding an individual's or entity's financial obligations.

What is Title Searcher’s Job ?

The main role of title searchers is to consolidate the legal description of a public or private property. They go beyond gathering information about the property's ownership history and delve into a thorough examination of the legal aspects associated with its location.

What Does A Title Abstractor Do?

The goal of title abstractors is to locate, analyze, and assess specific land, properties, or homes. Their objective is to determine the suitability of using and selling the property, ensuring there are no outstanding tax obligations associated with it.

How To Distinguish Title Search Company And Title Abstractor

Both Title Search Companies and Title Abstractor entities can be associated with each other or operate independently. A title company may serve as an affiliated service provider for various business groups such as banks, mortgages, and real estate. Consequently, payment is required for these service providers. However, the implementation of RESPA (Real Estate Settlement Procedures Act) has led to restrictions on the payment of settlement fees to affiliated companies. In contrast, title abstractors now typically work on an individual basis. This change ensures that title search companies do not encounter any kickback-related issues.

The independent group of title abstractors is not obligated to reimburse any company for costs. Operating independently, they earn based on their performance. Additionally, by discontinuing payments as referrals to the company, their independence has proven to be advantageous.

Therefore, prior to purchasing any property in the USA, it is crucial to ensure that the property is clear of any legal issues. It is advisable to review the property title search certificates before making a decision. It is also recommended to consult with your legal counsel to gain knowledge about the existing government laws. Insurance policies can be obtained from companies such as Fidelity National Mortgage and First American Corporation.