Title examiners research a property’s history to find information about the land title, working with buyers and sellers to ensure a smooth transaction. They may also be real estate attorneys and offer advice to those who have purchased land without a clear title. Banks and lenders rely on their expertise before approving a home loan.
A title examiner’s job is to conduct research into the history of a property in order to find information about the land title. This often includes obtaining records of previous and current owners, as well as how land was sold or lost by each owner. Examiners also work with buyers and sellers to ensure the transaction runs smoothly or to help if problems arise. Many examiners are hired privately by buyers or sellers, banks, lending companies and real estate agencies.
Often, a title examiner is also a real estate attorney. This will allow him to not only research information about a title, but also represent a buyer or sellers with an issue that may arise. For example, homes and land purchased at a tax auction are often sold using a quick claim title. This is a title or deed that essentially states that the owner is selling whatever piece of land he legally owns.
To clarify, if a man buys property at a tax auction and then sells the land using a quick claim deed, he is relinquishing his rights to the land as he would in a regular sale. However, the former owner will still be able to claim ownership if they pay the back taxes owed along with the purchase price. Most homebuyers would not knowingly purchase land that is not owned by the seller, so an examiner may discover this information prior to closing.
The examiner can also offer advice to someone who has already purchased land without a clear title. This usually occurs when the property is purchased with cash rather than a bank loan, because most banks require a title search to be completed prior to finalizing the loan. If the examiner is also an attorney, he or she may be able to help the owner in court release title or make settlements with anyone who may have a claim to the property.
Banks and lenders also rely on the expertise of a title examiner before approving a home loan. The examiner ensures that the title is cleared, without criminal judgments or guarantees, within a certain time frame. This is also important for homebuyers because a clean title often allows them to obtain title insurance. By doing this, any issues that arise later will be addressed.
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