The most important thing to look at when considering buying a home is the title report. The first step is, of course, to obtain the title report from such sources like the local courthouse, the country assessor, or a title officer if necessary.
The second hoop one must jump through is reading the report – which might as well be in an ancient mystical language if you don’t understand them. Many people aren’t confident in reading these reports and may need to hire a title officer for assistance in understanding them. Though, reading it by yourself is an option if you have the experience.
Title reports have tax information, the value of the property, as well as what county it’s located in and what zoning laws apply. In addition, the chain of ownership should be documented, any current mortgages on the property should be reported, and judgment dockets against the property should be included as well.
Taxes mean a lot more than most think – while most buyers are aware of an outstanding mortgage, many overlook the possibility of outstanding taxes. You cannot buy a house with outstanding taxes. The zoning laws also come into play – many homebuyers are shocked to learn their pet is only allowed in certain zones, for example.
Title reports go over everything important that needs to be learned before someone can buy the property.
The only way to know a piece of property is clear of financial issues is to check the title report #Ironclad
Key Points:
- 1A title report is a legal document that outlines the status and ownership of a given property.
- 2A title report will show the chain of ownership, zoning laws, property value and current tax information.
- 3It’s important to get a title report before you close on a property deal.
See the original at: https://www.fortunebuilders.com/what-is-title-report/
