When you instruct a solicitor to carry out the property transfer process, they need to conduct various searches before they can complete the purchase of your property. Property searches are also required by lenders, and they want to make sure that there is nothing that might affect the value of the property before offering you a mortgage. Property searches check the public records of the property to confirm the legal owner of the property. The property searches should also show whether the property has any claims or liens that might affect your purchase.

How long do property searches take?

  As a rough guide, the property searches usually take about two to three weeks to complete, but keep in mind that their results may prompt your solicitor to make further queries.

  It is difficult to provide a specific timetable for property transfer searches, because the length of time they need depends on your solicitor, where the property is, what searches are required, and how long it will take for external agencies to provide the required information. Some councils respond very quickly to property search requests, while others may take weeks.

  Generally, the best way to speed up the property searches time is to keep in regular contact with your solicitor, so you can ensure that they have made all relevant requests and if there are any requests, they will track them down for delays.

Why do I need property searches?

  Finding out who owns the property you want to buy is just the first step. First, the current owner may not even be aware of old claims against property ownership. Secondly, the debts of any previous owners may bother you again because they tracked the property.

  If you want to skip the property searches, or the property searches cannot be found, things such as unpaid property taxes, homeowners' association fees, and housing improvement fees may become your responsibility. This is why lenders require property searches and title insurance as part of the mortgage underwriting process.

Who do the property searches?

  The title company or attorney is usually responsible for property searches. In some cases, lenders or individual home buyers may take over this process.

  If you choose to handle the property searches process yourself, you can find the records you need in places such as the county court, the office of the registrar, and the office of the county assessor.

  It might be a good idea to let professionals handle this part of the home buying process. Legal documents may confuse untrained people, and you don’t want to accidentally overlook important things.

Property search costs

  Generally speaking, the cost of a property search is between $75 and $200. The price may vary depending on the state where you are buying the property, but this is a good estimate. At the end of this process, you should receive an easy-to-understand report that includes documents related to the property and highlights of any encumbrances that may cause problems if you continue to purchase.

  Of course, you can significantly reduce costs by conducting title searches yourself. However, the importance of property rights without any outstanding claims is absolutely crucial. It is best to leave this step to professionals and consider the cost of advancing home purchases.

How do property searches determine who owns the property?

  A property search will provide insight into the available public records of the relevant property. Usually, lawyers or title companies will use various legal documents to confirm that the seller is the true legal owner. In addition, the property searches will eradicate any other financial and/or legal claims on the property.

The process

  The person who conducts property searches can be called a abstractor. The abstractor puts together all the relevant information and legal documents they can find about the property to create a title summary. The ownership summary will include a chronology of all available documents and transactions related to the real estate plot in question.

  The summary can include the current owner and the previous owner. It may also include past investigations of the property, any easements across the property, and any related wills and litigation involving the property.

Survey results

  Property searches can find any financial rulings against the property owner, which may affect your finances in the future. Some examples include any unpaid property taxes, any liens on the house or any kind of easements. If there are any pending claims for your property, this may be a bad sign for your happy life in this new home.

  Your home ownership search shows clear and free property ownership is essential. Otherwise, you may encounter unpleasant surprises during your journey. Fortunately, there are some ways to reduce the potential risk of making a claim on the ownership of a new property.

  You can purchase title insurance or obtain title guarantees. A one-time purchase of a title insurance policy can protect your property claims, so it is worth considering the cost.

  Property searches are the key link in the process of buying a house. However, this is not the only part of the whole process that confuses buyers. The best way to make you feel more comfortable about buying a house is to understand the ins and outs of the whole process. With more knowledge, you will be able to decide for yourself to move on, knowing that the purchase is still in your best interest.