Title search on a foreclosure home?

March 5th, 2010 | by admin |

I have put in an offer for a foreclosure home . Contract i received back from ’sellers’ bank says that it is my responsibility to ensure that title is clear and that there are no past due taxes , liens , association fees etc on the home ..otherwise it will be my responsibility .

How can I guarantee that home is clean
(1) Clean title
(2) No past due real state taxes
(3) No liens / association fees etc

How much would it approx cost ? and How much time it takes to do this search ?
Foreclosure Property is a little north of LA in California .. Any help is greatly appreciated
Thanks so much ‘AccountantsEntry’.. Yes this home is in LA county in palmdale/lancaster area..I appreciate all the help
Thanks so much Everybody … specially ‘AccountantsEntry’… you all have been really helpful

I have done loans for many foreclosures. The bank has always guaranteed clear title to the home with them paying any taxes or liens due. They even give Owner’s title insurance at their cost. Proceed with caution would be my advice. Make sure you have an out if there are taxes & liens you can’t or don’t want to pay.

  1. 6 Responses to “Title search on a foreclosure home?”

  2. By Steve D on Mar 5, 2010 | Reply

    Contact a local title company who will do this for you. If you are taking out a mortgage to buy the property, you will be required to take this step anyway as a matter of course.
    References :

  3. By Accountants♥double entry on Mar 5, 2010 | Reply

    Is it in LA County? A Title company will do this for you. They go through Title Service Companies. You may be able to do the search on your own because I know Los Angeles County does things very differently…The Title Companies do not do the searches themselves. My husband works for the biggest title search company…but unfortunately I live in OC, so I don’t have first hand experience. The LA Registrar Recorder is located on Imperial Hwy in Norwalk, CA. I will get the number for you & get back to you.

    Los Angeles County Registrar – Recorder/County Clerk: Real Estate Records Section

    Here you go:

    Street Address: 12400 Imperial Hwy. ( 2 blocks East of Norwalk Blvd.)

    Norwalk, CA 90650-8357

    Mailing Address: Los Angeles County Registrar-Recorder/County Clerk

    Real Estate Records Section

    P. O. Box 53195

    Los Angeles, CA 90053-0195

    Telephone: (562) 462-2133 Information

    (562) 462-2012 Information Desk (Room 2007)

    Description of Physical Facility:

    Real Estate records for 1958 to present are located in Room 2201 on the second floor of the Registrar-Recorder County Clerk’s office. Pre-1958 records are in Room L001 in the basement.

    Going through a Title Company is your best bet because they are experienced and you are insured.

    Here are some

    http://www.firstam.com
    http://www.chicagotitle.com
    http://www.fnf.com
    References :
    Husband works For a LA Title Search CO for 15 years.

  4. By ann h on Mar 5, 2010 | Reply

    title insurance
    References :

  5. By starrfyrre on Mar 5, 2010 | Reply

    Your real estate attorney handling the closing will order a title search. The title search will reveal any liens or back taxes owed. I should know, my husband and I are purchasing a house. We should have closed in December, but are closing in 2 1/2 weeks because the title search revealed Federal tax liens on the property from a previous owner (family member of current owner) and that had to be settled by the sellers before we could close, because the profits from the sale wouldn’t be sufficient to cover the liens. There were two liens, one a small one for $800 which they paid in full, and one for $2000 over what we are paying for the house! I’m sure they made some kind of deal on that one. We found out about the liens one week before closing, and since we are moving from FL, it was crazy canceling all the utility cutoffs and moving truck.

    I don’t know the cost in CA, but the cost for the title search in NW PA is $138.00.
    References :

  6. By Lisa L on Mar 5, 2010 | Reply

    I have done loans for many foreclosures. The bank has always guaranteed clear title to the home with them paying any taxes or liens due. They even give Owner’s title insurance at their cost. Proceed with caution would be my advice. Make sure you have an out if there are taxes & liens you can’t or don’t want to pay.
    References :

  7. By Patty G on Mar 5, 2010 | Reply

    If your offer is accepted, escrow will be opened by either your agent or the sellers agent with a title company. The title company’s job is to make sure you have clear title. They will send you a preliminary title report and all the information will be there. Normally, taxes, Hoa fees, utilities are prorated and negotiated at the time of acceptance. Your buyer’s agent will be able to examine this packet and determine what needs to be done to clear the title. Sometimes there are liens that need to be released in order for the bank to fund the loan.
    As a REALTOR, I get involved with this process and if there is a problem, I try to solve it for my client. Everybody has to work together. Good luck!
    References :
    Realtor

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