When a title order is opened, the title company will review those records which describe the subject property. These include deeds, deeds of trust, easements, CC&Rs, agreements, and other recorded instruments. However, these only represent a portion of the documents which may affect the title to the land. There are also judgments, tax liens, bankruptcies and other matters which can impact the land, but which do not describe the property.
This latter group of documents is indexed by name and not the property. The recorded instruments may contain certain identifying information such as a portion of the social security number, date of birth and mailing address or business name. If the party named in the document is the owner, the lien will attach to the land even though the property is not identified in the instrument. The only way for the Title Company to verify the existence of such liens is with a “Statement of Information” (Sometimes referred to as a Statement of Facts) completed and signed by the owner. This is mandatory in all transactions, but more so when the seller(s) has a common name. (On some common names there may be over 200 individual liens and judgments to review.
In these days of short sales and foreclosures, we find more and more tax liens, judgments or other similar matters against the seller(s). In order for “Title” and “Escrow” to deal with these, they need to be identified very early on in the transaction. All too often, the Statement of Information needed to clear these matters is not given to the Title Company until a day or two prior to the scheduled closings. In those cases, if a lien is found, it may cause a delay, or cancellation of the sale.
This information is completely from Cam Hunter at California Title Company. Find out more at www.caltitle.com
Contact me at (714) 914 9060 or email@example.com for all you real estate wants and needs.
Latest posts by Renee West (see all)
- I am celebrating my Chairman’s Circle Gold Award from my Brokerage. I received this Award commending my professionalism, diligence, integrity, and sales accomplishments. - March 5, 2018
- LAGUNA BEACH CUSTOM HOME OVERLOOKING CRESCENT BAY, EMERALD BAY, AND THE MAGNIFICENT IRVINE COVE. OFFERED FOR $13,900,000. - March 5, 2018
- This striking Cape Code home offers seamless transitions, blending interior and exterior environments with ease. 3 Bedroom, Office (converted from the 4th bedroom), 4.5 baths,4 fireplaces, outside fire pit, flex room, bonus room showcasing the Turret.Listed for $5,495,000. Contact Renee West for your private showing. Hurry, this move-in ready home will be sold very soon. - February 25, 2018