A title report is a documented review of real estate property that gives a clear picture of the current status of said property. It includes the history of the property over a specified period of time, depending on the intended use of the report.
This report can be used for a variety of legal purposes in the real estate and mortgage industry -- our document retrieval and title search experts break down exactly what a title report is and what it's used for here!
What is the Purpose of a Title Report?
The purpose of a title report is to show the condition of a property and locate any issues related to property ownership and encumbrances.
Title reports are used to ensure that the title is free and clear, and that title insurance can be issued when a property is being purchased. They can also be used for refinancing a mortgage and approving a home equity line of credit -- these are all for insured purposes.
They can also be used for bankruptcy matters, investigations, and the acquisition of mortgages by investment firms. These uses are for due diligence/informational purposes and do not involve title insurance.
How Do Title Reports Work?
Completing a title search report involves a few different steps, and can be a lengthy process depending on the documentation needed.
Here's how a title report search works:
- An experienced searcher (or abstractor) looks through public records in the county where the property is located
- The abstractor will go as far back in time as necessary to locate a deed when the property was purchased, called a full value deed
- Then. they'll come forward in time, noting all documents filed on the property up to the county’s most current records, called the county through date
- Property tax records are also checked for up-to-date tax information. In some cases, probate, divorce records, etc. are checked as well.
What’s Included in a Title Report?
A title report should include all relevant data on the property. In some instances, you might just need information on the current owner. Or, you might need everything we can possibly find on a specific property. We can always cater a title report to fit your individual needs but, in general, a title report includes:
- A legal description of the property
- Information on the owner of the property
- How the title is held (deeds)
- Open voluntary liens (mortgages, deeds of trust, etc.)
- Open involuntary liens (liens and judgments filed against the property)
- Property tax information
Copies of any documents reported are included to substantiate the report.
How Long Do Title Reports Take?
The time it takes to complete a title report depends on a few different factors.
Title searches that go back 30, 40, or 50 years to locate the necessary deed can take many hours to complete. However, a more basic title search, known as a Current Owner Search or Ownership and Encumbrance Search, can sometimes be done in a few hours, as the abstractor may only have to go back a few years.
A property located in a remote county with an archaic records system (meaning it's not computerized) can also considerably slow down a search. Also, some properties have very complicated ownership histories which can add time to sorting out all the details for an accurate report.
Why Choose Blue Streak Docs for Title Search Services?
Blue Streak Docs specializes in title searches for due diligence and informational purposes. Our comprehensive reports can be used to evaluate mortgage portfolios, bankruptcy cases, investigations, foreclosures, etc.
Our coverage is nationwide, and we can handle projects of any size! We can customize your report based on your exact specifications so you are getting the information that you need. Contact us today to get started!