Hello everyone. We’re a few investors starting up. We’ve got a question for you trustee experts. Would you hire a real estate attorney to help you research and analyze chain of title? Their hourly rates are extremely high so I was wondering if anyone has used them and if they’re worth the money for this cause. Also, we would appreciate any suggestions regarding who to use for title searches. Right now, we’re going directly to the recorders office and checking out the liens, but we’re not experts in this field, so we’re not too sure about our results. We’re also using a title company’s help, when they’re kind enough to help us. And because we’re not experts, we looked into getting an attorney’s help because we want to avoid any cloud in title. Especially since we can’t get a title insurance policy before bidding. gasp.
Since a lot of deals don’t fly (they get postponed, cancelled, or opening bids are just too high), you’ll go broke paying an attorney to research title for every property you’re interested in.
You need to learn how to do effective title searches on your own. There are a variety of classes that teach this type of thing, like Ward’s over at foreclosureforum.com.
I totally agree with Jeff. We do see some investors that hire abstractors or ex-title company employees to give them a verbal. Of course there is no title insurance guarantee so you still must have the knowledge to be able to make an informed decision.
Title search may be initiated by a buyer or anyone who is interested in the property in question. They will usually employ a commercial title company or an individual with knowledge in such matters such as an attorney or an escrow agent. The title company will also inquire as to whether the title is insurable or not.A person will usually conduct a title search prior to the sale or purchase of property or in the event of a property dispute. A title search involves examining county records in order to learn the property’s ownership and usage history. so , it is always advisable to hire real estate attorney.
real estate attorney
In CA title companies will usually perform the title search and handle the escrow. Other states may be “attorney states” where it is customary for an attorney to handle abstracting title (or purchasing a title report from a title company) and handling the closing/escrow.
I liked the way it was explained thanks
I want to find attorney how can I find it tell me…
like Michelle said, if it is california properties, i probably can offer you services help you check title. IT IS TRUE that not guaranteed but i haven’t had one mistake yet for searching auction properties. (if i am doubtful about a file, i will tell you i am not sure)
626 589 8822
I have a product available from our underwriter which is a guarantee. The guarantee discloses the property taxes, open deeds of trust, and possible judgments & liens recorded with person(s) of the same or similar name(s), up to five liens/judgments. The Guarantee is $400.00 with a liability of $1,000.00. Otherwise, learning to search the records directly at the County is going to be your cheapest route…
It is still best to ask legal advice on these matters.
You are going to invest a lot of money for your venture, better ask advice from a lawyer. http://mossnylaw.com/
We found someone who works for a title company to do it on the side for $20 per search. We sit down with him the night before and go through each title.
Hey Kevin, I just saw your comment and am interested in working with the person who do the title research on the side. Where is he/she located, and how can I reach him/her?
Even at 20/search, you can run thru pretty fast. If you narrow it down to 5 possible properties a day - that’s $2K+/mo. Out of those 3 or 4 won’t go to sale. Out of the one or two - the opening bid will be too high or someone will outbid you.
FR does give you an overview. Not insured title - but neither is your $20 search.