Title Search
Called a NJ title company yesterday to inquire about doing a title search on a foreclosed property up for auction? They quoted me $400 -$500 - that seems steep to me but then again this is Jersey? Located a company on the internet that will do it for $170? Any thoughts or suggestions about doing a title search on a foreclosure?
Have you considered performing the title search yourself?
What you need to know can be obtained from the local county office that records mortgage-related documents.
You should first:
Establish the subject properties market value
Establish any repair cost
Establish what the lenders purchase back was
Establish what if any taxes our owed
Establish what liens are outstanding
In most cases, the lender is the senior lien holder, thereby wiping out all other liens at the sale.
To ensure marketable title, a title search should be performed. A title search is a process where someone searches the public records in the city or town where a piece of property is located.
The searcher will go through the grantor and grantee indexes and examine the documents recorded in the land registry concerning a particular piece of property.
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. The title searcher will determine if there are any encumbrances on the property, such as mortgages. If there are no encumbrances, the title is "good and marketable."
During a title search, several essential things are examined. For instance, mortgages, real estate taxes, liens for sewers, roadways, sidewalks, and other municipal improvements, federal taxes, government claims, legal judgments, foreclosures, condemnations, covenants, and easements.
[addsig]
Thanks JM.
Another question - in the legal notice the property information is in the Register of Deeds Office. Would you suggest calling that office or going in person to determine what type of property is up for auction. I think it may be a condo & are the clerks in these office helpful our are you pretty much on your own?