the title company is asking for a 12 month chain of ownership, what is that? is it a formal document that i need to get from the goverment, which goverment? in Houston Texas
2006-10-27 12:13:36 · 6 answers · asked by ellisd1950 3 in Business & Finance ➔ Renting & Real Estate
Your title company is goofy or you misunderstood what they want from you. It is the job of the title company to chain the property. They do this so that they know of any past owners or others that may be entitled to a claim on the property. This is very valuable information to the title company and they have extensive programs for performing such searches.
2006-10-27 13:37:38 · answer #1 · answered by tbear 5 · 0⤊ 0⤋
The title company is just notifying you that a chain of title will be done prior to being able to close. It could be that the title company wants to verify that the owner(s) transferring title to you did receive it with a good title, or it could be that your mortgage company wants to make sure of it. Also, if there was a transfer of title in the last 6 months prior to the effective date of your contract, you may not be able to do an FHA loan.
Your Realtor might know, or just ask the title agent for clarification. They really do prefer that all parties understand what's going on.
2006-10-27 21:11:34 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
The chain of title is just a listing of the conveyances to the present owner, that starts over 12 months ago.
Like this:
Current owner John Doe by virtue of deed from Fred Roe dated July 15, 2006, recorded in volume 100 at page 55.
Deed from Jack Free to Fred Roe dated 1 september 1999.... etc...
Oh, you get that from the title searcher. If you're buying or refinancing, don't worry, your attorney will take care of it. or should. If he doesn't know how, get one that does, it's pretty basic 2d year of law school stuff.
2006-10-27 19:16:04 · answer #3 · answered by open4one 7 · 0⤊ 0⤋
Chain of Title...shows "who" owns or has owned the property in the last 12 months. Usually your local government...city or county would have this info!
good luck
2006-10-27 23:37:20 · answer #4 · answered by PATRICIA G 1 · 0⤊ 0⤋
The title company usually searches the county assessor for free.
I am a mortgage broker and title company's normally charge you after your loan has closed....unless you are researching for some other reason other than a loan.
2006-10-27 20:31:42 · answer #5 · answered by perez23 1 · 0⤊ 0⤋
You can search it yourself at the county recorders office. But the easiest way is to pay the title company to do it for you!
2006-10-27 19:45:43 · answer #6 · answered by bride2be091507 2 · 0⤊ 0⤋