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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  October 20, 2006  |   Title Search Can Prevent Last-Minute Delays
Title searches that turn up problems at the 11th hour can throw a monkey wrench into a property sale.

With so many properties turning over frequently in the last five years, errors are increasingly prevalent, says David Pelligrinelli of TitleSearch.com. He says home sellers should request a title search before putting their home on the market to make sure that unforeseen problems will not surface at the last minute.

He cites these common issues that a title search can reveal:
  • Unreleased mortgages. Prior refinanced mortgages may be paid off, but unless a lender files a lien released with the county records office to remove the old mortgage, it may appear on the record as unpaid.
  • Incorrect liens. Misfiled property tax payments due to county clerk error can result in reports of unpaid property taxes.
  • Family events. If there has been a divorce or a death in the family, it's important to ensure that the current ownership structure is reflected in the record is important.
  • Document fraud. Increasingly criminals are using property records to commit identity theft or to fraudulently finance one property by mortgaging one they don’t own.

— REALTORŪ Magazine Online

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