How Long to Run Title Search

[Brad Chatrou]

Hello,

How long does a title company realistically need to perform a proper title search on a single family home?

Is the title company responsible to find "any" lean that can show up against the property?

I have bought several properties from wholesellers over the last few years.  It seems that they are wanting to close faster and faster; down to 9 days from the time of signing the contract.  (this is buying with cash or hard money)

I have also heard recently where something was missed in a title search and the title company was disputing that they were responsible.

Thanks for the help!

[Steve McGovern]

The answer to this question absolutely depends on your jurisdiction-- not just State to state (Attorney Certification states, v. Title Plant States v. Torrens States v. jurisdictions that record municipally as opposed to county, etc.)  Texas can be trickier than many jurisdictions-- they don't subscribe to the forms and processes of 90% of the country.  

I spent 10 years doing complex title work for large law firms and nationally for infrastructure companies.   here's my rule:  

ALWAYS GET TITLE OWNER'S TITLE INSURANCE.   Always.   

1) you are required to a Lender's Policy for the lender anyway; 

2) for a little more money (like, a dollar-per-thousand) and what's called a "Simultaneous issue fee" (about $1-200) you will be insured.  

That means any encumbrance that does NOT show up on your policy, the Title Co. has an obligation to cover you;  that includes omissions.