REALTOR® Magazine-Daily News-Title Search Can Prevent Last-Minute Delays

REALTOR® Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Search REALTORMag...

OR FOCUS YOUR SEARCH

NEWS & COMMENTARY

Inside For Brokers

Connect

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.