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Title Companies

who_me profile photo
  • Friday, February 20, 2004 @ 07:54 PM EST
  • 7 Comments

Starting out, and trying to figure out costs here.

1.) Will title companies run title reports for you for evaluating properties? I see people posting for what seems like just information gathering.

2.) Whats the range one should pay to have a title search done? ( I can't go to the public records office...currently working)

3.) When do you do your searches? I can't see spending the money on all leads just to check them out.

Thanks in advance

Comments(7)

  • no photo
    nebulousd20th February, 2004

    You do a title search after you have the property under contract.

    I have heard people getting them done for free from a title company but only after doing so many deals with one company... $50 bucks right on up to $200 is range I've heard. I pay $150 I think, but I'm usually buying the house and making money so it's part of doing business. Better to pay the $150 and know nothing is attached to the property than pay thousands of dollars for some lien I didn't know was there.

  • no photo
    who_me20th February, 2004

    I completely agree with you when you are buying. I will gladly pay.

    Thanks for you help, just seemed like there were alot of people doing title searches for gathering info and not for buying or evaluating.

  • no photo
    nebulousd20th February, 2004

    Most of the stuff is public record so if your county has a website, you could just do a search on the internet from your house 24/7 for possible Liens.

  • no photo
    scott_mn20th February, 2004

    I work with a couple title companies. One I send alot of business and now they will do prelim title searches for free. I used to pay 70.00 through them. Took me a while to find a couple that understood the deals I am doing and would escrow my docs but found a couple.

  • no photo
    who_me20th February, 2004

    Thanks for the info,

    Scott, how did you approach them about running searches? did they offer being you have already brought them your business, or did you work out a deal before hand? I don't want to go in and make an a$$ of myself.

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    tinman175520th February, 2004

    This was tip I heard at the last real estate meeting I went to. An investor put an ad in the paper for part time abstractor. A person answered his ad that worked at the county court house and now he is paying $5.00 a search. I couldn't find him after the meeting so I am not able to tell you how he structured the ad. I think that would be easy money for someone on their lunch break.

    Just a thought

    Lori

  • JeffAdams
    JeffAdams20th February, 2004

    Whome:
    Like Scott mentioned above. You need to establish a repore with a local title company. I would recommend you contact the reps in your area of some reputable title companies. Meet them for lunch and tell them you are an investor. Tell them you are looking for a break in your title policy insurance. You should be able to negotiate to pay 70%
    of baserate and possibly no-subescrow.
    Also, you always want to purchase a binder policy. Also tell them you want access to do property profiles from your
    office and ask how long to get prelims.

    Best Riches,
    Jeff Adam
    [addsig]

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