I thought that was an expense of the buyer. I had a "nibble" on my aunt's house, but the interested party wants me to have a title search done before he makes an offer. He seems very concerned that with delinquent taxes, there may be a lien on it.
The buyer usually, but it's not written in stone that the seller can't offer to do so. Suggest that the interested party submit an offer that, if acceptable in all other ways, the estate will spring for the title search cost. (Methinks the buyer isn't really all that interested)This message has been edited. Last edited by: Jewel,
A simple search on your County website should be able to direct you to a link for "Tax Collector". Then you can insert the property address, and past due taxes will come up.
The estate attorney will have a search in the file, as it is a requirement to search out outstanding judgements and liens.
However check your state laws for estate/probate
and those proceedings required.
Here, typically, the seller pays for title insurance in Florida. However it is negotiable.
If you know a Realtor in your state, she or he could pull your public records, including status
of paid and unpaid real estate taxes.
Usually the buyer's title company will provide a preliminary title report, free of charge, before the buyer submits an offer. Typically, the buyer's professionals (attorney or realtor, depending on the state) maintain relationships with local title companies to facilitate their research before an offer is extended to the seller(s).
Agree, the property tax info's typically readily available on the county's website. Have to wonder about the buyer's interest level if he isn't willing to do the basic research and/or have his realtor or other professionals obtain the information.
Glad you received some interest. The above reflects my experience and MHO. Best of luck to you -This message has been edited. Last edited by: BearCat49,
weakestlink, This can be a complicated issue with no easy answer since it depends on which state is involved (real estate law is generally local) and how far along in the process the parties might be.
AND it depends on exactly what type of "title search" you are referring to ~ there are many types. Here in Idaho, it ranges from a "book lot report" which title insurance companies will provide at no cost to other professionals such as real estate agents and attorneys since they are hoping to get the business when the sale does occur, to a "preliminary title report" that gives a synopsis but no guarantees, to an actual title insurance policy and even those have several options....
I would say that during the offering period, in general, a seller should have at least a "book lot report" available for potential buyers to review; it is unreasonable to expect buyers to obtain the same for every property they are looking at to purchase - don't make it easy for an interested buyer to walk away using that excuse.
As for who pays when a sale is actually finalized? As REL says, it's negotiable. Many commonly used real estate forms simply assume that the Seller will pay for the same ~ unless it is noted as an exception. On the other hand, there is no requirement, as least here in Idaho, for the seller to do so. It can be paid for by either buyer, seller or split between the two ~ that is what "negotiable" means!
And, often times, even when the seller is responsible to pay for the initial title insurance policy under the terms of the contract, the buyers will be required to purchase additional coverage to satisfy their lenders' requirements ~ over and above the policy the sellers have provided.
BTW, taxes (paid or unpaid) are usually easily discerned so searching a county's tax website can be helpful but doesn't substitute for a through title examination; title searches involve more, much more, such as easements, liens, judgments and other restrictions of record.
My suggestion is to talk with the attorney handling the estate, find out if he has received any title search information, ask if funds are necessary to advance the probate and, if so, how much and will you be reimbursed from the estate if you advance the costs? Wishing you the best ~ let us know how it's proceeding.
Weakestlink, something is wrong here!!!
The matter of back taxes is public record. It can be found on the computer or visit to the county. Soooooooooooo, that is not the reason they want a title search. Call the agent back and find out what they really are looking for.
P.S. Everything is negotiable including the cost of this. And I am so glad you have a "nibble".
Metwo and IR are correct - It all depends on where you live. Here in SC all closings are through attorneys and they arrange for the title search. The tax info is a matter of public record.
It is traditional for the buyer to pay for the title search. It is not uncommon for the attorney performing the search to request of the seller if they have an owners Title insurance policy. That is a big help in the process - probably not available for the OP since it is part of an estate that has been in the family for a while.
In SC the standard purchase contract includes a clear title clause as standard verbiage.
Thanks for all the info, guys.
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