what information does a title search include for real estate lawyer

A title search examines city records to find out the property’s title history. These records include deeds, court records, property and name indexes, and many other documents.

Full Answer

What does title evidence include?

Title Evidence means a written or electronic document that identifies and describes or compiles the documents, records, judgments, liens, and other information from the public records relevant to the history and current condition of a title to be insured.

How long does a title search take in NY?

24 to 72 hoursTitle searches in New York usually take anywhere from 24 to 72 hours. The timeframe can vary depending on the specific information you're looking for, how far back we need to search, and if your title search is in a remote county that is rarely visited.

How much does title search cost in NY?

Title Search and Insurance Title companies can charge from around $150 to $500 for a title search. Nearly all lenders will require title insurance as an added protection against any potential disputes after the closing — this is usually paid by the buyer in a one-time premium.

What is title search process?

Title Search Report contains a historical record of the title of the property and gives accurate legal description of property as to how the property is transacted over a period of time and whether there are any risks involved in the transaction, which may adversely affect the title of property, so that you are sure ...

When is a title search done?

A property title search is typically ordered during escrow when a lender financing a home purchase requests a preliminary report from a title company. However, a search can be done anytime, by anyone, such as a buyer (who might not need a lender’s money) or a homeowner who’s looking to refinance their home.

What is a title when buying a house?

When you buy or sell a home, a property title is essentially a fancy way of saying who has the right to own the property—and thus, to sell it . While it may seem straightforward that a home seller owns his house, there could be hidden claims or liens on the property the homeowners themselves may be unaware of, making a title search essential ...

What are the sources of property searches?

Multiple sources are searched, including deeds, county land records, tax liens on the federal or state level, divorce cases, bankruptcy court records, and other financial judgments against an owner that could potentially attach to a property.

What happens if liens aren't discovered?

If liens or judgments aren’t discovered prior to closing, the buy er can face messy and expensive issues down the road.

What is a defect on a title?

Defects could be someone else claiming title to the property, a claim that the seller never owned it or a wild deed (where someone buys the property but doesn’t officially record the title). Many properties have defects on a title. For buyers: Property title searches are a vital step in the home-buying process.

What is a marketable title?

For sellers: To sell your property, you must have what is called “marketable title.”. This legal term basically means that there are no defects that might cause a lawsuit or someone to challenge your right to own the property, says Michael Redden, an attorney in Minnetonka, MN.

What does "clean title" mean?

A clean property title search means the buyer —and lender—agree there are no claims on the property that could become an issue after ownership is transferred.

What is a title search?

Before you make any real estate purchase you must have a title search. A title search examines city records to find out the property’s title history. These records include deeds, court records, property and name indexes, and many other documents. Title searches make sure that the seller has the legal right to sell their property, ...

What can a real estate lawyer review?

A real estate lawyer may review documents such as all public and court records, chain of title, property tax records, legal descriptions, liens or other claims, and easements. As thorough as a title search may be, there are some problems it may not reveal including: Forgeries. Mental incompetence.

What is the difference between a deed and a title?

Many people use “deed” and “title” interchangeably; however, they are two different concepts. Title clarifies your ownership to a property, and you can transfer this ownership to others. Deeds, however, are the legal documents that are used to transfer ownership of one person to another.

What is included in a title search?

It will include the amount of taxes owed and who they are owed to. A title search will also outline whether there are liens or special assessments against the property and who they are owed to. This might include a sewer charge or an unpaid sidewalk fee. Finally, a title search will outline any restrictions or easements on a property.

What information is needed for a title search?

Basic Information in a Title Search. To conduct a title search, an investigator will scour several types of public records including county courts, tax assessors, surveyors and recorders of deeds. He will use this information to disclose some basic information, such as the rightful property owner. This is important, because it proves ...

What does a title search reveal?

A title search will reveal whether there are back taxes owed or liens against the property, and it can protect a potential owner from unknowingly taking on debt. You can pay a professional to conduct a title search, but many cities provide easy-to-use websites that lay out key information for free -- all you need to do is type in an address.

When to get a title search?

When To Get A Property Title Search. Title searches usually take place during closing. The closing process takes place after a buyer’s offer has been accepted but before the ownership of the home has officially transferred from seller to buyer.

What is a property title?

A property title is a document that names the rightful owner of a property. Only the person on the title has the right to sell the property. As an investor, you need this information to ensure that the person selling you a property is, in fact, within their rights to do so. This can get a little complicated if there are any liens on the property.

What is an easement in a title search?

Your lawyer or title search company can help assess the gravity of the following common legal issues: Easements: An easement is when an individual other than the owner was given the right to use the property.

How to find out who owns a property?

1. Examine Chain Of Title. A chain of title shows the ownership history of a property. When examining the chain of title, you should be able to view the current owner and prior owners, all the way back to the original owner of the property. You can obtain this information by looking up public records online.

What to do after you have paid taxes on a property?

After you’ve made sure that the property is free of unpaid taxes, you’ll want to schedule a property inspection. As an investor, you never want to skip this step. An inspection will reveal any irregularity or signs of easement. You want to make sure the property matches exactly what’s in the title before moving forward.

What does a title search include?

A property title search will also include any deed restrictions , which means it will tell you if there are limits to how the property can be used. For example, there might be a limit to the type of or amount of construction the city will allow on a property. Deed restrictions could also include:

What is a title search?

In a nutshell, a property title search is a search for documents on a specific property. The property title, which defines who has legal ownership of a home, might not contain all of the updated information about liens on the property. It also may not include a complete history of the property. A property title search is comprehensive, so it looks ...

How much does a title search cost?

The cost of a property title search varies depending on the state where you live and the amount of information you’re seeking. A basic land report starts at $150; a full ownership and encumbrances report costs up to $1,000. The property title search is usually paid for as part of closing fees and included in the title insurance cost.

What is legal description?

The legal description is a written, recorded document describing the boundaries of a property, and it is usually prepared by an attorney. Once you have the legal description, you’ll need to locate the courthouse where the property address information is located.

What are the problems with title searches?

Sometimes problems are uncovered during a property title search, including: Covenants, conditions, and restrictions (CCRs) against the property. Restrictions, historical oversights, and planning requirements. If a problem is uncovered with the title during closing (or before), there are a few ways to take care of it.

What is an easement in a title search?

A property title search will also reveal if there are any easements on the property. An easement is the right for another party to use someone else’s land.

Who has the right to sell a home?

Only the person who owns the home has a right to sell the home.