While having a discussion with a friend about a Property Title Search for the flat I wanted to invest in next month, she said,“but why are you getting that done, hasn’t the bank already done that?”, Mistake number one if you want to lose the property or worst, get stuck in a lawsuit that might drag on for a decade and you end spending more money than you invest!
Let’s dig deeper, banks usually carry out property title search at the time of providing project approval and does not go for a follow up check after that. Now if the property had fallen into a problem, like a dispute with the Government, or changes in the law governing the area under which this property falls will not be in record in the title search carried out by the bank initially. If a person who relies solely on this record and the word of mouth of the property owner is in for a swindle of his life!
Here the importance of an up-to-date Title Search is crucial. Although title searches are public records and is accessible to all, it is a job best left to a professional title searcher. These experts are skilled at locating specific information required for different types of real estate transactions and property deals.
To conduct a title search, a search service provider will typically analyze the below records:
Court Records: To check for any pending lawsuits, loans or breach in conduct with the court and law of the country.
Current Owner: Making sure there is no mortgage, bankruptcy, outstanding tax payment and other liabilities involved between the current property owner and the bank
Owner Verification: This search will bring up factors that can vary from the original property papers, like names of spouse in case of a divorce, or change of property holder in case of a death.
Chain of Title: This is an account of every owner of that specific property. A chain is created each time a deed to the property is recorded.
With the backing of a Title search not only is an individual assured that the property is good to invest, but also gets a great value for his money.
A few benefits of a full title search can be summed a below:
Protection against serious financial loss
Freedom from unnecessary lawsuits
Better value for your investment
With a good Title Search service provider, you can rest be assured to get the documented analysis of the property being a good place to invest or not. This will help you save time, energy and money. At Trupp Global, we ensure that only the best in the field are engages to dedicatedly work on your requirements. With services like Full Title Search, Current Owner Search, Two Owner Search, and much more, we promise to deliver the search on time, while you can plan for new drapes to go with your furniture!