How to Obtain a Title Report in 3 Simple Steps

You've found the perfect real estate investment (using Propwire's industry leading and FREE search tools) — great!

After you make your offer — and it's accepted — you'll go through the paperwork required to purchase the property.

One key piece of that specific paperwork is the title. If you didn't know already, a title report contains details about the property's ownership history, liens, encumbrances, and other factors that may affect your ownership rights.

Why is this so key?

By obtaining a title report, you can identify any potential issues or risks that may prevent you from being the rightful owner now and in the future.

Without a clear title, you may face severe financial and legal consequences ... such as other parties claiming ownership ... after the transaction.

But, that brings up the question: how do you get a title report?

I'm glad you asked!

Keep reading to find out how to find a title report!

How To Obtain a Title Report

So, how can you obtain a title report?

Step 1: Identifying the Required Information

Before requesting a title report, you need to gather essential information about the property, such as the address, legal description, and the names of the current and previous owners.

This information will help the title company or attorney prepare an accurate report.

I've learned firsthand that the legal description of the property is key. This includes lot number, block number, subdivision name, and metes and bounds description.

Take it from my experience: any discrepancies in the legal description can lead to complications during the title search process, so it is essential to verify this information with the county records or a surveyor.

Step 2: Choosing the Right Title Company

Selecting a reputable and experienced title company is crucial.

How can you do this?

Look for companies with a proven track record, positive customer reviews, and competitive pricing.

Also, ensure that the title company has the necessary licenses and insurance coverage to protect your interests.

Step 3: Requesting a Title Report

Once you have gathered the necessary information and selected a title company, you can request a title report.

Provide the company with the required details and pay any applicable fees.

The title company will then perform a title search and prepare the report.

What does the process entail?

During the title search process, the title company will examine public records to trace the history of ownership of the property and identify any liens, encumbrances, or restrictions that may affect the title.

Resolving Issues in a Title Report

If the title report identifies any problems or issues, what should you do?

Here are some common issues and their resolutions:

Clearing Up Ownership Disputes

If the ownership history reveals disputes or conflicting claims, consult with a real estate attorney to resolve the issue.

This may involve filing what's called a "quiet title" lawsuit to establish clear ownership rights.

Resolving any disputes as fast and cost effective as you can is crucial to avoid legal complications and ensure a smooth transfer of ownership.

Dealing with Liens and Encumbrances

If the title report identifies liens or encumbrances, consult with the title company, lender, or an attorney to determine the best course of action.

This may involve negotiating with lienholders or obtaining title insurance to protect against potential financial losses.

Protect Your Investment with Title Insurance

One of the most crucial aspects of a title report is the role of title insurance, and it's something I can't recommend enough!

It's saved me time and time again, and will do the same for you.

By purchasing title insurance, you protect your investment in the property against unforeseen title issues.

In the event of a covered claim, the title insurance company will defend your ownership rights and compensate you for any financial losses incurred.

Title insurance not only safeguards your financial interests but also provides peace of mind.

Knowing that your ownership rights are protected by a reputable insurance provider can prevent many sleepless nights.

The Bottom Line: How to Obtain a Title Report

There you have it: use our simple 3 step process to obtain a title report.

And, if it comes back with issues, use the solutions we provided in this piece to address them promptly so there isn't any delay in your real estate investment timeline.

Above all, I recommend title insurance, not just to protect your investment, but to protect your peace of mind.

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