What Is Checked in a Title Search for Real Property?
When you perform a title search, you will get information from public records that pertains to the property. You can usually get a title company or an attorney to conduct a title search before you close a deal on the purchase of the property. It contains information that can help you determine possible problems after the purchase.
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Ownership
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A title search result lists the name of the current owner, the type of title and the legal description of the property. If the property is rented, you would also find any leases on the title on the public records. If the property is subject to any liens, the title search results would let you know the causes, the past notices sent to the owner and other related documents.
Boundaries
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The title searcher looks into past planning act issues to find any overlaps or gaps in the property descriptions that can compromise its boundaries. If the property is part of a subdivision, the title search result would determine the kind of subdivision plan it has. You would get a sketch of the property in relation to the adjoining spaces so you get a clear idea of the size of the property.
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Notices
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A title search may provide the details that you would otherwise only find after moving into the property. Notices on titles let you know of any warnings. For example, the title search would include information regarding the noise level if the place is located near an intersection, airport or industrial area. It would also include odor warnings if the property is particularly affected by smells from waste management facilities or farms.
Restrictions
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The title search results details the bylaws that apply to the property. These bylaws could prohibit property division, designate the property as being of historical significance and limit changes you can make to it, or impose other restrictions. If any easement applies on the property, the title search result would reflect this. Easement allows access through the property for various purposes, for example maintenance of a common yard. The size, placement and expiration date of the easement may affect your building plans.
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References
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