Title companies - Posted by sean mcguinness

Real Estate Investing
#1

Posted by DavePA on December 19, 2001 at 18:10:00:

No prob. Joe Basically once you find a REALLY good and thorough Title Company they will charge you the standard. Usually $75 depends on states for a “current owner search” or maybe $250-$400 for a historical search. That means they will search the previous owners of the property. I have finally found a GREAT title company where I am at through a contact at an Investment club meeting. Yes, he does charge me $75 but, As soon as he sees how many buyers I can bring him I am sure we could work something out. That is how most investors get their searches done for free. It could be someone in their family. Thats one thing I didn’t have, not one person in my family involved in real estate??! Good Luck

#2

Title companies - Posted by sean mcguinness

Posted by sean mcguinness on December 18, 2001 at 19:55:18:

out of curiosity, what is the title comany’s function, and importance?

Thanks for the help

Sean

#3

Re: Title companies - Posted by Rob FL

Posted by Rob FL on December 18, 2001 at 21:20:03:

Title companies can serve multiple functions.

Generally they 1) issue a title commitment showing if title is “marketable.” 2) hold any escrow money unless there is an escrow company or a Realtor holding this money and 3) conduct the closing. Sometimes the closing is done by an attorney.

Customs vary from region to region but genenrally that is what they do.

#4

Re: Title companies - Posted by DavePA

Posted by DavePA on December 18, 2001 at 20:15:57:

The title company plays a VERY important part if you do not know how to search a deed. The title company can do different searches depending on what you want. They can do a “current owner search” or search the deed from the time it was built. Of course one will cost more than the other. The way I buy properties I only need a “current owner search” It costs me $75. The title company will let you know if there are any other encumberances on the property. It could be a home equity loan, student loans, any liens on the property, etc… Basically the title company will let you know if the title is “equitable”. Free of any liens. hope that helps.

#5

Re: Title companies - Posted by lou

Posted by lou on February 18, 2002 at 10:16:14:

I’m really new here. There’s a sherriff’s sale on a house in N.J. It’s affordable for me. So, do I get a title search done to see if there are existing liens?
In NJ are the liens paid off (not by me) at the sale?

#6

Re: Title companies - Posted by Joe M.

Posted by Joe M. on December 19, 2001 at 24:00:01:

hey dave, i was wondering how some folks get the title search done for free. I know they get the title company business some other way to make this worth it to them, but i dont know how. Got any ideas?
thanks from a newbie, Joe M.