How to do a title search
Sorry if this is long. I generaly start with an on-line basic search then move to the court house. These are the areas I look at.
A title search generally includes mapping a chain of title by examining all the recorded deeds concerning the property. A chain of title is established by determining that the present owner received valid title from the prior owner, and the prior owner received valid title from that prior owner on down the line for a certain number of years.
What’s on the title?
You will find:
• the names of the owner(s) of the land;
• description of the land;
• easements;
• mortgages;
• Caveats; and covenants.
What you can find and where:
TAX ASSESSOR’S OFFICE
WHAT YOU CAN FIND:
• LEGAL DESCRIPTION
• PROPERTY DATA
• TAX APPRAISAL
RECORDER OF DEEDS
WHAT YOU CAN FIND:
• HISTORY OF TITLE
RECORDED DEEDS
ELEMENTS OF A VALID DEED
Name of the grantor
Name of the grantee
Recital of consideration
Legal description of the property
Words of conveyance
Signature of the grantor
Acknowledgment
Delivery and acceptance
TYPES OF DEEDS
General Warranty Deed
Special Warranty Deed
Quitclaim Deed
Deed of Trust / Mortgage
Release Deed
Trustee’s Sale Deed
Sheriff’s Deed
DEEDS: BOOK ACCESS
1. USE PROPERTY’S LEGAL DESCRIPTION
FOR SUBDIVISON INDEX TO LOCATE LAND
LIST BOOK / PAGE NUMBER
2. PULL OUT LAND LIST BOOK, TURN TO
CORRECT PAGE NUMBER AND NOTE
TRANSFER OF OWNERSHIP
3. LOCATE TRANSFER OF TITLE
4. GO TO MICROFILM AND PULL
THE CORRECT BOOK, THEN
SEARCH FOR THE CORRECT
PAGE.
5. VERIFY CURRENT AND
PREVIOUS OWNERS ON
WARRANTY DEED
DEEDS: COMPUTER ACCESS
1. SELECT NAME OPTION ON THE FIRST SCREEN
2. TYPE IN NAME OF CURRENT OWNER
3. CROSS REFERENCE LEGAL DESCRIPTION FOR DEEDS RECORDED ON SUBJECT PROPERTY
4. BEGIN SEARCH WITH WARRANTY DEED, THEN CONTINUE SEARCH FOR OUTSTANDING DEEDS OF TRUST
5. DEED OF TRUST:
VERIFY PARTIES, NOTE AMOUNT, TERM OF LOAN, INTEREST RATE IF AVAILABLE
TREASURER OR COLLECTOR OF REVENUE’S OFFICE
WHAT YOU CAN FIND:
PROPERTY TAX BILL
THE PROPERTY TAX BILL
Morgage still owed:
How do we estimate the amount owed on a property?
Say the Mortgage Date was 1/1/94 for $200,000 at 7.75% interest. The monthly payment is $1,510.66 and using the loan amortization it has a balance of $148,223.48 left on the mortgage. Since the loan was in 94 for $200,000 and about 10 years has gone by we have a great equity spread even without even considering property appreciation.
I will also post the form I use.
Lisa