A title summary searches records and files to find a property’s history, including transactions and liens. Buyers should hire one to ensure a clean title and avoid costly mistakes. Licensing and fees are required to become a title abstractor.
A brief or title is someone who searches records and files pertaining to a specific property to find its history. This can include transactions between current and previous owners in the purchase and sale of the property, as well as any liens or judgments against the land or home. Several people may need the services of an experienced or abstract title, including real estate agents, lenders, and home buyers.
In most cases, a land or home buyer will need to hire a title summary or to ensure the title to the property is clean and ready to sell. This is especially important for those who are taking out a loan to purchase property, as most lenders require land insurance before money is awarded. The abstractor will find previous owners and transactions that are usually at least ten years old.
Sometimes a title resume or also works as a real estate attorney and offers various services in searching for titles, drafting contracts and settling payments between buyers and sellers. Lawyers who act as title abstractors also have the added benefit of offering services to fix titles that cannot be sold as-is. Other times, a licensed realtor can act as an abstractor or to help their clients make smart buying decisions. Often, though, an individual obtains the necessary tools and licensing to offer title abstraction services and offer freelance.
Finding accurate information about the title is important because, in some cases, the previous owners may have outstanding debts against the title or the land someone intends to purchase. If this is the case, steps must be taken to settle the debts or clear the land of any judgments before the property is purchased. By taking the time to hire a title summary or to figure these things out, buyers can avoid costly mistakes that could result in losing the property or paying off debts incurred by another party.
To become a title resume one needs to be licensed in some areas to do business. Generally, specialized databases are used to find property information and membership to these systems may need to be obtained to find accurate information. Most often this requires a fee or fees to get started, plus separate costs for remaining a member of the site.
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