A move that comes after your bid is approved is the title search. This step is necessary to uncover the problems that may or missing in link with the title (legal ownership) to the property. Title searches are generally established by the buyers Realtor, attorney, or your loan officer.
It is not always that the title is free of all liens. In the case of a sale with assumption of mortgage, the buyer has to bid and the seller will receive the title to the mortgage as a lien on the present title. A title examination is usually provided by the title company.
If you are looking for a title company, then you can visit www.bntc.com/national-default-and-reo-title-services.
A title search includes public record deeds, mortgages, long-term leases, installment, easement, subdivision platted, judgments entered, death, marriage, bankruptcy filings, mechanic liens, zoning ordinances, tax real or personal property, the assessment of a variety of repairs, mortgage releases, and pending liens notification.
A search of a particular part of real estate will form a chain of title, which must be cut off for the title to be good and, therefore, valuable. If there is a missing link in the chain of title, it is called a gap.
The missing link could be a result of failing to record deeds, fraud, and heirs are unknown, secret partners, land surveying damaged property or disputes between the parties. Each of these uncertainties is enough attention to the buyer to threaten the marketability of the title.