The house is listed in realtor.com it is sitting on a lot of 20 acres or more the price looks to sweet and my fear is to travel see it, buy it, and later found out it has a lean or worst...
Is there some puplic records or something to find out about this questions?
The House is located in the great state of TEXAS, thanks for the input.
2006-12-06 00:17:49 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Whenever you buy a house, a title company does a search on a title, and the property cannot be transferred until all "clouds" on a title are resolved, and you have a clear title. There are some exceptions to this (as everything in life) however the title company is required to inform you of this and you can choose not to buy the property if this is the case.
Of coure, title companies are not perfect either, and I would definintely buy title insurance if you are purchasing a house. That way if something comes up later, the title company is responsible up to the amount of your insurance to "fix" the title. If you are getting a mortgage on the house, the lender will require that you purchase title insurance for them, but make sure you pay the extra and have a policy that protects yourself as well, it's not that much more, and is in effect for the entire period that you own the home, and definitley worthwhile.
An example of a title company making mistakes.....
My sister purchased a home (before I started in Real Estate) that when she went to sell, the title company found a lien that the title company when she purchased did not find. My sister did not have title insurance. It took several days off work, alot of research, and some good luck, but she was able to have the lein released without paying it. She found the person who had the 2nd mortage that was not released, and luckily they had paid the mortgage, kept proof of it, and were willing to share it with her, otherwise she would have had to pay the $20,000 to sell the house.
Hope this helps! Good luck!
2006-12-06 00:34:13 · answer #1 · answered by julsells 2 · 1⤊ 0⤋
Do a yahoo search for title companies in the county (or nearest big city) where the land is located. Call them up & they'll tell you what it will cost to do a search. Or better yet, sign a contract to buy it & the Seller will have to order a title commitment for you. Remember in TX mineral rights & sometimes water rights are separate from the land & in rural areas there may be things like grazing easments or mineral access easements & irrigation agreements.
2006-12-06 05:26:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Normally after you make an offer and put a deposit down, title company will do the title search as a part of normal process. You will have to pay for it (about $3-400?), but it also comes with guarantee, so it's worth it. They do have their ways to do search and I suggest you let them do it because that is what they do everyday. I also strongly suggest you find an agent to make an offer instead of approaching the seller's agent directly. This will make sure you get the service you deserve (and doesn't cost you any extra).
2006-12-06 00:36:26 · answer #3 · answered by spot 5 · 0⤊ 0⤋
When you purchase a piece of property through a real estate broker, they do what's called a title search, or title insurance. this does all the research on the property and guarantees it clean and free from any & all incumbrances of any kind, ie. road or sewrer taxes levied against it. Also mechanics leans for any home improvements levied against the tax bill. Even vacant lands have title waranty's done to be sure there's no assesments on them.
2006-12-06 00:26:24 · answer #4 · answered by Bullett Bob 2 · 0⤊ 0⤋
When you purchase Real Estate a title company will do a search to make sure that you are getting a clear title. They usually go back 40 years to make sure that it changed hands legally over the years. I recomend you buy title insurance also. It is a one time charge that protects your interest in the land.
2006-12-06 00:22:32 · answer #5 · answered by Me 2 · 1⤊ 0⤋
In a number of states, the lawyer involved in a home purchase does the title search. You should not have to be concerned with that. Generally a bank will assign a lawyer to do that for you. CHECK with a local realtor to be sure of this in your state of residence/purchase. I must say that I am PROUD of our armed service-men/women!! Have a great holiday.
Eds
2006-12-06 00:28:58 · answer #6 · answered by Eds 7 · 0⤊ 0⤋
the best and safest thing to do is to contact a LAWYER...who will perform the search for you.....AND s/he will guarantee the work and the result. If you do it THIS way..then you will have recourse against him/her if there is a problem...don't fool around...it's too big a purchase to do "on the cheap"
2006-12-06 00:27:25 · answer #7 · answered by flyboss1107 3 · 0⤊ 0⤋
when you buy a house, lawyer(title company) will do a titile search to check for that type of stuff, also, titile insurance is required on a house that will prtect you from such incidents.
2006-12-06 02:29:30 · answer #8 · answered by David P 2 · 0⤊ 0⤋
your broker or agent will pull up the record of the property when you submit in an offer.it will show you everything about the property.everything has to be correct before an offer can be made.(permits) they usually go to the city hall to get this info or you can ask the seller for it.
2006-12-06 00:21:28 · answer #9 · answered by ♥Chastons Wifey♥ 5 · 0⤊ 2⤋
Go to your City Hall Office. They can tell you.
2006-12-06 00:22:34 · answer #10 · answered by whirlwind 4 · 0⤊ 2⤋