What is a Title Search Company responsible for?
Investing in a property, whether buying it, giving a mortgage loan against it, or even renting it is a huge financial commitment. Hence it is always recommended to check whether the property has a clear title. Title Search helps determine whether there are any title issues pertaining to the property. As conducting a Title Search is a meticulous task, many individuals along with agencies hire Title Search companies, who are experts in the field of Title Search. Outsourcing your work to Title Search Companies helps you save time and close faster.
Once you have hired a Title Search Service, you can expect them to carry out the Title Search process in a detailed manner. Following is what is expected from them:
Verifying the Property
Before starting the search, it is essential to confirm the location and ownership of the property in question. After it is verified, the Title Search agents start working on the same.
Collecting data
The first step in the Title Search process is to search all the public records pertaining to the property. Data of the legal owners, applicable taxes, mortgages, etc, is collected by the agents through their legal sources which can determine whether there are any other legal or illegal claims to the property
Investigating the collected data
After all the relevant data is collected, the title search service agents then proceed to check the information found in the collection. During this step, they can find out if the property has any liens, encumbrances, break in any chain of the title, and other fraudulent behaviors that are in relation to the property or the owner of the property itself.
Making Title Search Reports
Once the investigation process is completed, a Title Search Report, as requested by the client, is compiled. All the hindrances which can bring harm in the future in regard to the property are mentioned in the report. The Title Search Reports are tailored to the client’s needs, for e.g if you only want to find out about the liens on the property you can request a Lien Report or if you want a Full Title Search Report, you will get all the details along with the problems in the chain of title, taxes, encumbrances, liens, mortgages, etc. These Title Search reports highlight a clear picture of whatever can cause damage to the property deal.
These are some of the important responsibilities of a Title Search Service Company. By keeping these in mind along with your requirements, you can hire a Title Search Service suitable for your company. At Neuskale, you will not only get detailed and accurate Title Search reports, but also a service that caters to your needs. Our customer service will be available 24*7 to assist you with all your doubts and requirements. With our TAT of around 1.5 days*, you will be on track with your work and be able to close faster. For inquiries about title search reports, reach out to us at info@neuskale.com and we will get back to you!