There are many reasons why an individual or party would complete
property record searches and it's important to note that there are different kinds
of property record searches available. For example, we offer a Full Lien
Report that includes an abstract of recorded documents affecting a given
property, i.e., mortgage secured by a deed of trust, HOA liens for unpaid
dues, state and federal tax liens, medical liens, bankruptcies, mechanic's
liens, and judgment liens, as well as land use restrictions (servitudes,
covenants, easements, etc.). In other words, a Full Lien Report gives the
consumer a snapshot of the estimated condition of the title, including the
estimated marketability of the property, revealing any clouds on title
which would hinder or impede a potential sale, transaction or proceeding.
The Full Property Detail Report shows the property data and the most
recent transfer of ownership (change in title) to the real estate, and
includes the Transaction History Report reflecting title/ownership
transfers that were recorded properly and recorded since a given county
digitized its records (usually in the 1970s to 1980s, but it depends on
the county). That said, if two parties execute a sales contract and do
not record the contract, or if a document is recorded improperly, that
ownership transfer will not be reflected on the transaction history.
Consumers typically order our Full Lien Report to understand the condition
of the property and title, for various reasons. Some buyers prefer to
know what is owed on a property before making an offer or a counteroffer.
Some homeowners simply want to view the lien report for their property and
to see lien status or know that there isn't something on there that
shouldn't be. Lending institutions use the lien reports to underwrite
loans using the subject property as collateral for the loan. Plaintiffs
and attorneys use the Full Lien Report Plus (which includes valuation
comparables based on all recorded sales) to estimate the value and the
equity for judgment recovery purposes. Homeowners use the Full Lien
Report to estimate the value and equity, and then using those figures,
estimate the list price and what they might expect to net from a sale.
Consumers use the "Search by Name" feature to find out what an individual
owns within one state, multiple states or within the United States. Those
search results are also used for various purposes. Plaintiffs and
attorneys use the feature to find potential assets owned for purposes of
collecting a judgment. Financial equity firms use the feature to locate
property owned by business entities, and then order the Full Property
Reports to obtain the property statistics and create a log of assets to be
used for collateral. Former spouses or relatives use the feature to find
out what an individual owns (or no longer owns) for a long list of reasons
- everything from collecting a child support judgment to curiosity.
We do not feel that all "people need to use property title searches." The
personal benefit depends on a person's or entity's wants and needs. Our
clientele includes soon-to-be-homeowners, current homeowners, investors,
businesses, financial firms, lending institutions and law firms. Our
clients use the property records and lien reports to research and evaluate
a property's status, property data, title condition and transaction
history, to make informed decisions and calculated offers. The bulk of our
clientele want to know who owns a given property and how much is owed on
the property. Homeowners, or other interested parties, also order the
Full Property Report to view any foreclosure activity on the property
whether there is a Notice of default (pre foreclosure) or bank owned
(REO).
3. So my understanding is that one of the things that makes property
searchers so accurate and reliable is that it often involves boots on the
ground- searchers often go right to the county office buildings and look
at the source documents directly (mortgage, deed, survey). Is that the way
it works at US Title Records?
In our digital age, you don't need boots to reach a county recorder's
office. Most counties are now digitized, with some exceptions. However,
for older documents that are not available digitally, and for county
records that are not available online, our Abstractor Service is
available. Our research is as accurate as each county's digitized records
and is similar to a preliminary title report. We generate the lien reports
by obtaining and verifying property data and records through various
sources which include online data-based indexes, as well as document
retrieval or abstracting via microfilm and microfiche per county
Our research results and reports do not come with a title insurance
policy, as the records, information and results are only as accurate as
the counties' databases. If a sale is going to close, a title insurance
policy is generally purchased to protect the parties to a transaction from
issues that may arise in the future due to incorrect data or documents
that may have been recorded improperly, or not recorded at all. This
applies to all types of consumers. For example, if a self-represented
plaintiff or an attorney is going to foreclose on an HOA lien, before a
foreclosure complaint is filed, they typically order a litigation
guarantee from a title company located within the county in which the
subject property is located. While a title researcher's lien reports
generally match the recorded information in the local title company's
litigation guarantee, the Full Lien Report Plus is used to estimate the
condition of title and equity, because it is produced quickly and at a
fraction of the cost of a litigation guarantee. Once a decision is made
to proceed with the litigation, the client orders the litigation
guarantee, the cost of which ranges approximately $400 to several thousand
dollars, depending on the total liability at issue.
It is critical for buyers and lenders to understand that even though data
may be recorded with the county, there are sometimes imperfections in the
material such as dates, amounts, or simple typos made when county staff
members enter this data. Hence, the always-visible "Terms of Use" included
in viewing/using recorded documents. That disclaimer absolves the county
of liability for any errors and omissions that may have been made in
processing and recording documents. We have similar "Terms of Use" on our
site, as do most title researchers and title research companies.
Guarantees are generally only available with the purchase of insurance.
However, if the information is inaccurate and a consumer can show that, it
certainly makes sense to request a refund.
Can you tell me about some guidelines buyers should follow when they are
title searching?
Evaluate the scenario and decide what your questions and concerns are.
Are you buying a home or commercial building? Refinancing? Selling? Are
you concerned about possible liens that were recorded but not released?
Do you have a judgment against someone? If yes, do you know how you will
recover the judgment? If not, do you know if the judgment debtor owns
property in your state? In another state? Are you doing market research
because you're thinking about buying?
Do you have legal questions? If you have legal questions, consider
consulting a real estate attorney before making a decision about what your
needs are. Most title researchers are not attorneys and cannot give legal
advice or legal opinions.
http://www.usmortgagerecords.com/
http://www.UsLienRecords.com
http://www.ustitlerecords.org/
