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Updated about 4 years ago on . Most recent reply

User Stats

53
Posts
25
Votes
Jim Stanley
  • Denver, CO
25
Votes |
53
Posts

Is there a newbie guide to understanding title search results?

Jim Stanley
  • Denver, CO
Posted
I'm trying to learn all I can about buying foreclosures and "practicing" on some properties as if I were ready to buy.  I've ordered some Ownership and Encumbrances (ONE) reports from a local title company and am trying to understand the results.  Some are pretty confusing.

Is there some sort of guide to understanding them?  A quick Amazon book search turned up nothing.
I'm in Colorado for what it's worth.
Thanks!

Another quick newbie question: I ran a report on my own house and it only showed my current mortgage which was a recent refi, not my original mortgage or, more importantly, the lien from the loan I got to install solar panels (I know it's out there because I had to deal with it when I got my refi).  Am I correct that it missed something important and I should be worried about using the reports?

Thanks again!
  • Jim Stanley
  • Most Popular Reply

    User Stats

    409
    Posts
    165
    Votes
    Douglas Snook
    • Attorney
    • Attleboro, MA
    165
    Votes |
    409
    Posts
    Douglas Snook
    • Attorney
    • Attleboro, MA
    Replied

    What is the title company saying exactly? Are you just getting a list to what they found on title? Are you then wondering how it affects title and/or how to fix it?

    Here in MA I order a title exam and am provided with copies of the deeds in the chain of title, the mortgages etc and a cover sheet with notes by the examiner like "Discharge at Bk 1234 Pg 10 appears to have wrong party", then I look at the copies and have to decide if it is really an issue and if so how it can be fixed going forward in order to close.

    Maybe you need to order a different type of report. Maybe see if there is a freelance paralegal around who can interpret or explain the report for you. (check craigslist under legal)

    What type of report did you run on your house? Did you have someone else do it? Again, in MA the registries are on line and everything would come up. Sounds like the report is only giving you current open matters.

    As for the solar panels, sometimes they are filed as a UCC and not necessarily at the registry of deeds. Perhaps the person who ran the report didn't check the UCC listings

    Hope this helps

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