A title search can reveal the ownership of a property and other useful details you may need. You can minimize risks by checking if there any mortgages and liens on the house. Additionally, a search can speed up the closing process and is essential for any real estate transfers.
In this article, we’ll review some of the benefits of a lien search for real estate transactions.
Confirm Ownership
The primary reason for performing a lien search is to establish whether they have the right to transfer property. The report generated from the process will indicate the name of the holder of the deed.
A search report will also have information about the history of the property and how it has been changing hands. You can also find out other details on legal incidences in the past. Those issues may include leases, neighborhood encroachment, and boundary disputes.
Reveal Undisclosed Fees and Mortgages
A lien search may also reveal information about claims on the property that could make it unattractive to own. The search can show dates for the mortgage, how much was paid for it, and the identity of the lender.
A bank-owned asset, such as a property on foreclosure, can be risky to transfer. The liabilities of the new house could become the responsibility of the buyer.
Provide Tax Information
The search may also reveal property tax history that the buyer will want to resolve before closing the deal. When there are outstanding taxes on an asset, the IRS will alert creditors through the Federal Tax Lien.
There may also be state and local tax liens on the house you are looking to buy. Other than taxes, a municipal utility letter can also reveal permits issued and building code violations. You can use the information to ensure that the new property complies with the standards.
Manage Cost and Improve Timing
A search enables the real estate transaction to go smoothly. The timing and scope of the process will depend on the type of search you want to perform. It could be cross border or a municipal lien. Also, different industries, be it automotive or information technology, are governed by varying best practices. Those variables can affect the timeline for concluding the deal.
A municipal lien search company has the experience to work within tight timelines to deliver before the closing. They often have a relationship with filing officers. The report allows the client to be open with business partners on the scope and timing of the process.
The Search Process
A lien search involves examining physical documents of the assets you are seeking to acquire. A legal professional will analyze the record and determine which aspects are relevant to the property in question.
The duration of the process will vary depending on the transaction and industry. A lien search company can deliver within 24 to 46 hours. The timing is also as critical as the information provided by the search report. Delays can have an impact on the viability of your real estate prospects. You should, therefore, find a lien search company that can deliver accurate results fast. For accurate lien search and verifications, contact Florida Lien Search and enjoy a free first search.