Posted: Mon Apr 05, 2004 2:04 am Post subject: Check for defects in property title through Title Search
A title search involves the review of the public records and legal documents related to a property. It helps to determine whether the property is free from title defects like unpaid taxes, pending mortgage payments, judgments against the seller and other liens.
Generally, the title company conducts title search on the property. Title searches are required whenever you purchase or sell a property, take a mortgage loan against the property, refinance the loan or apply for a building permit.
A title search reveals the following facts:
The names of legal owners of the property and their employment status at the time of purchasing the property.
Whether the ownership of the property is joint tenancy
If the seller has not paid off the mortgage loan against the property.
If there is any charge against the title to the property.
Whether the property has any easement on it, for example the right to install pipelines or telecommunication lines.
If the property has any building lien on it, that is, the owner has not paid the contractor after he worked on the property.
Importance of title search:
A title search determines if the person selling a property has the right to sell it or the purchaser has the right to buy the property. This helps the buyers as they are assured that they are buying the property from the legal owner. It also makes the lenders aware of certain problems that may affect the title to the property.
Posted: Fri Sep 28, 2007 7:35 am Post subject: foreclosure
we have a friend that borrowed money against her house a few years ago. now the person she borrowed the money from wants all money due now because of a balloon clause that was in the agreement. To help this friend out we said that we will pay cash for the amount owe and the women would quit claim the deed to us. But now we have discovered that an IRS lien is also on the house. Will that lien also transfer to us?
Posted: Sat Sep 29, 2007 5:38 am Post subject: RE:
Hi Falen,
There is a possibility that the house along with the lien will be transferred to you. And, if the person responsible for the lien does not pay off the obligation to get clear title, then you need to pay it or else IRS might sell your home after a certain time period.
Sam
