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Title search at listing? Not in Texas. That happens right before closing here, by whatever title company is getting the statute defined $2,000+ for the title policy.
Quote:
Originally Posted by MikeJaquish
Are you actually in an area where title search documents are provided at time of listing? Are you in Diana's area of the PNW, Washington state?
That documentation when listing is not at all common in many areas.
If you are not, you need a title search performed before you put your money into the property.
Because, when the money is gone, it is gone, particularly if you cannot afford an attorney for any recourse.
I think you cannot afford the property if you cannot afford a couple hundred dollars for a proper title search.
I bolded the most common order of events, Diane's area is likely a one off compared to the rest of the country. If you buy you also need title insurance that covers you (many lenders require it to protect them) from any defects in the title if something was missed in the original search.
I'm not involved in real estate except as an observer who shakes his head a lot.
At the risk of insulting my Realtor friends on here, don't trust what a real estate agent tells you. They don't lie on purpose, most times, but they often don't know things about specific properties like allowable uses under the local Zoning code. Or liens.
I saw an ad yesterday for a property, raw land, that is being advertised as having city water. It does not and does not have access to it, that's an example of what I mean. The property is adjacent to an area that does have city water but the property is unable to access it for a number of reasons from capacity to local regulations.
I bolded the most common order of events, Diane's area is likely a one off compared to the rest of the country. If you buy you also need title insurance that covers you (many lenders require it to protect them) from any defects in the title if something was missed in the original search.
I'm not involved in real estate except as an observer who shakes his head a lot.
At the risk of insulting my Realtor friends on here, don't trust what a real estate agent tells you. They don't lie on purpose, most times, but they often don't know things about specific properties like allowable uses under the local Zoning code. Or liens.
I saw an ad yesterday for a property, raw land, that is being advertised as having city water. It does not and does not have access to it, that's an example of what I mean. The property is adjacent to an area that does have city water but the property is unable to access it for a number of reasons from capacity to local regulations.
I believe the OP is looking for a blessing or two supporting proceeding in a foolhardy manner.
Yes, agents should stay in their lane, and the agent telling the OP the property has insurable, marketable title free of liens or other encumbrances truly had better have their story straight or a robust current E&O insurance policy.
Regardless, the advice to have a proper title search before popping $75,000 to acquire that little loveshack still stands, without doubt.
Yes, as always, I should have said “at least in our area”. I should never assume everyone does it the same. I can’t imagine waiting until late in the process for something as basic as the title report but OK! OP, I guess ask your agent how it’s done in your area, and how to get a title report to make sure. Neighbor rumors are not usually the best source either.
Yes, as always, I should have said “at least in our area”. I should never assume everyone does it the same. I can’t imagine waiting until late in the process for something as basic as the title report but OK! OP, I guess ask your agent how it’s done in your area, and how to get a title report to make sure. Neighbor rumors are not usually the best source either.
Closing attorney paralegals here do the title search fairly early after receiving the contract.
Then, they check again before recording to make certain there are no late liens recorded because an early title search has a shelf life of zero if a lien is recorded after the search is completed.
Contract states that the seller will deliver insurable, marketable title, free of liens or encumbrances. If they fail, they are in breach of contract and the buyer either is refunded all costs and deposits or would have a pretty slam-dunk case in court to be refunded, including all attorney fees and court costs.
Again, I predict the OP seeks support for doing something ill-advised and plans to save money via ill-advised shortcuts.
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Location: Ocala, FL
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Quote:
Originally Posted by MikeJaquish
Not here.
Must be a local thing.
I agree with Mike. In this market (Florida), the title search isn't started until there is a signed contract by the buyer and seller. The realtor has very little to nothing to do with it.
If recorder of deeds documents are available online in the county where the property is located, a potential buyer might be able to do some research to determine whether or not there are liens. I certainly wouldn’t rely on such amateur sleuthing to be definitive, but if you see a bunch of mechanic, IRS or property tax liens without any recorded releases, you should proceed with extreme caution.
Are you actually in an area where title search documents are provided at time of listing? Are you in Diana's area of the PNW, Washington state?
That documentation when listing is not at all common in many areas.
If you are not, you need a title search performed before you put your money into the property.
Because, when the money is gone, it is gone, particularly if you cannot afford an attorney for any recourse.
I think you cannot afford the property if you cannot afford a couple hundred dollars for a proper title search.
I am in California. We sold off-grid land with a partially built home with this same Realtor about 8 months ago. My husband ended up highly allergic so we couldn't move in. This home has the same environment as our current home so should be ok. After we get this house, he'll sell the home we currently live in. Zillow has our current home estimated as worth $336k. We owe 160K on it
He may have a friend doing the title search free, I didn't ask. I trust him when he says there are no liens on the property. He doesn't exactly need the money. Word would get around in our tiny county where he resided and it would ruin his business there to screw us over for such a small amount of commission. No incentive there. We are assuming nothing is what it seems at that price. Meaning even the electrical is probably messed up. My husband is a Painting Contractor so he's very handy. There's a cushion small to drill a well-OR- have a water truck haul in water after we sell our home. Or. buy a water truck. Since it's Northern California, we could collect rainwater to drink & bathe in if needed. Rainwater is also better for gardening.
Also the great thing about our area is...get it for 75k, and the Property Tax will only be about $100-$125 per month, even after it's repaired. The County doesn't routinely come back to re-assess it. Our main concern is the septic system
Neighbor tells me the guy has leans on his house. Realtor checked and says there are no leans
What if the Real Estate Agent lied and there are leans? We are pretty poor and will be offering our entire life savings of 75K. Then when this house sells, we'll ahve 25k to fix it up.
We won't t have extra for a lawyer. Hubby can fix this house up, it's in major disrepair but nothing too bad.
Thank you
Quote:
Originally Posted by Zippiee
I am in California. We sold off-grid land with a partially built home with this same Realtor about 8 months ago so he is going to help us with this property. My husband developed severe allergies so we couldn't move in. This home has the same environment as our current home so should be ok. After we get this, he'll sell the home we currently live in. Zillow has our current home estimated as worth $336k and we owe 160K on the Mortgage.
He may have a friend doing the title search free, I didn't ask. I trust him when he says there are no liens on the property. He doesn't exactly need the money. Word would get around in our tiny county where he resided and it would ruin his business there to screw us over for such a small amount of commission. No incentive there. We are assuming nothing is what it seems at that price. Meaning even the electrical is probably messed up. My husband is a Painting Contractor so he's very handy. There's a cushion small to drill a well-OR- have a water truck haul in water after we sell our home. Or. buy a water truck. Since it's Northern California, we could collect rainwater to drink & bathe in if needed. Rainwater is also better for gardening.
Also the great thing about our area is...get it for 75k, and the Property Tax will only be about $100-$125 per month, even after it's repaired. The County doesn't routinely come back to re-assess it. Our main concern is the septic system
Zippiee,
Are you also the OP?
These two posts create as much confusion as they settle.
I am in California. We sold off-grid land with a partially built home with this same Realtor about 8 months ago. My husband ended up highly allergic so we couldn't move in. This home has the same environment as our current home so should be ok. After we get this house, he'll sell the home we currently live in. Zillow has our current home estimated as worth $336k. We owe 160K on it
He may have a friend doing the title search free, I didn't ask. I trust him when he says there are no liens on the property. He doesn't exactly need the money. Word would get around in our tiny county where he resided and it would ruin his business there to screw us over for such a small amount of commission. No incentive there. We are assuming nothing is what it seems at that price. Meaning even the electrical is probably messed up. My husband is a Painting Contractor so he's very handy. There's a cushion small to drill a well-OR- have a water truck haul in water after we sell our home. Or. buy a water truck. Since it's Northern California, we could collect rainwater to drink & bathe in if needed. Rainwater is also better for gardening.
Also the great thing about our area is...get it for 75k, and the Property Tax will only be about $100-$125 per month, even after it's repaired. The County doesn't routinely come back to re-assess it. Our main concern is the septic system
Have you priced drilling a new well? They're not cheap, IME. And getting water trucked in is basically a PIA, same as collecting rainwater (which, btw, may not even be legal in your area and would need to be treated for drinking anyway). I don't think you've given all the issues this potential house buy is presenting your full and impartial consideration.
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