[ilovemydogs]

Has anyone ever done a title search?
I am in the midst of researching a property and have gone back to the 1880's on the various deeds and I have not found any problem with any of the deeds and no liens.
I am now told we have to do a title search to have clear title and to cough up a thousand bucks to have the title search done.
SO what the heck does a title search involve, if not looking up the old deeds and referencing them and checking to see if there are any problems?

ILMD

[hannah]

Originally Posted by ilovemydogs

Has anyone ever done a title search?
I am in the midst of researching a property and have gone back to the 1880's on the various deeds and I have not found any problem with any of the deeds and no liens.
I am now told we have to do a titile search to have clear title and to cough up a thousand bucks to have the title search done.
SO what the heck does a title search involve, if not looking up the old deeds and referencing them and checking to see if there are any problems?

ILMD

The reason you have a title search done by a licensed company is so that in the event a mistake is made on clear title to a property, you have recourse. Banks will not lend money on real estate without recourse.

[ilovemydogs]

Originally Posted by hannah

The reason you have a title search done by a licensed company is so that in the event a mistake is made on clear title to a property, you have recourse. Banks will not lend money on real estate without recourse.

There are no banks involved.
No money to be loaned, but this is going to be a gift.
IS what I did (researching the deeds etc) what a title person does?
What is the exact term for the person that does this?
If this is the correct way to go about searching the title then I feel AI do not need to pay someone else to do it unless there is more to it.
ILMD

[hannah]

This is what Investopedia says:

An examination of public records to determine and confirm a property's legal ownership, and find out what claims are on the property. A title search is usually performed by a title company or an attorney, who researches the vested owner, the liens or other judgments on the property, the loans on the property and the property taxes due.

Before you close a deal on the purchase of a home, a title company will search public records on the property's ownership. Once the search is finished, you'll receive a preliminary title report. If there are any issues or problems with the title, you can point them out to the seller. Some problems are easily cleared up while others may take so long that they jeopardize your loan commitment.

The above is based on buying or selling real estate but the same applies if you are giving it away as well. If you are giving away a piece of real estate as a gift, you would need legal title to the property to give it away as you cannot legally give away something you do not legally own. It would come back on you for doing so and therefore it is worth the cost of a title search company to avoid costly litigation in the future IMHO and some states require it in real estate transactions of any kind.

[ilovemydogs]

Originally Posted by hannah

This is what Investopedia says:



The above is based on buying or selling real estate but the same applies if you are giving it away as well. If you are giving away a piece of real estate as a gift, you would need legal title to the property to give it away as you cannot legally give away something you do not legally own. It would come back on you for doing so and therefore it is worth the cost of a title search company to avoid costly litigation in the future IMHO and some states require it in real estate transactions of any kind.

I understand all this Hannah. Just think that it is another way for someone to make money. I have owned the property since 71, my Father since 39 and my grandparents since before the turn of the century.

I know there are no liens or any outstanding debts on the property.

To me it just seems that I am throwing away the money.

I am going to talk to the lawyer about this,as he is getting enough anyway,but in all probablility I will get it done. THANKFULLY I will incur some good on this as well.

Thanks Hannah
ILMD

[hannah]

Check with your attorney to see if a title search is legally required with any real estate transaction in your state. You may also be able to claim the amount paid for it as a deduction on your taxes if you are giving the property away to a public entity.