Friday, October 20, 2006
REALTOR® Magazine Online
Title searches that turn up problems at the 11th hour can throw a monkey wrench into a property sale.
With so many properties turning over frequently in the last five years, errors are increasingly prevalent, says David Pelligrinelli of TitleSearch.com. He says home sellers should request a title search before putting their home on the market to make sure that unforeseen problems will not surface at the last minute.
He cites these common issues that a title search can reveal:
- Unreleased mortgages. Prior refinanced mortgages may be paid off, but unless a lender files a lien released with the county records office to remove the old mortgage, it may appear on the record as unpaid.
- Incorrect liens. Misfiled property tax payments due to county clerk error can result in reports of unpaid property taxes.
- Family events. If there has been a divorce or a death in the family, it's important to ensure that the current ownership structure is reflected in the record is important.
- Document fraud. Increasingly criminals are using property records to commit identity theft or to fraudulently finance one property by mortgaging one they don’t own.
Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula
