It is a true benefit to be able to own a house or a piece of land especially in this day and age when the options are scarce. Prices of both have risen exponentially over the years making it extremely difficult to snap up a good deal. Which is why when the opportunity does arise, it is important to get on it immediately and begin your research. While there are honest people in the world, this proportion is comparatively lesser than those who are waiting to scam you. Purchasing a property of any kind is an investment, sometimes for life so you can never be too careful. One of the first steps is to research the history of the property to ensure you do not encounter any setbacks in the future. Here is what you need to know.
Records that you need to obtain detailing the history of the house or land are better known as property reports. They can be divided into two main types which will be examined in this article. The first, is the basic record which would contain information about its immediate owners. So you would be looking at details pertaining to the current owner, date of purchase, cost, taxes paid and whether it was bought outright or on a loan.
The other type of records you can get your hands on, are the detailed ones. This not only has information about the current owners, but also about all the people who ever owned the property. From the first day it was sold to now, it will state all their details as well as how much it was bought for each time. This will help you trace it back, which is important when the time comes to purchase it. You need to ensure you get clear records as you could have issues in the future if not.
Once you have obtained the property reports, you need to get an attorney into the picture. They are able to go through each and every extract, to ensure previous deeds and details are all accurate. If there are any discrepancies, they will inform you immediately. Sometimes, there could be loopholes as people do make false documents which tend to get overlooked. In order to ensure all your documentation is clear, you should have it authorized and clarified by a lawyer.
WHY THEY ARE IMPORTANT
Just as a new doctor would need your previous medical reports in order to gauge your current situation, you as the new owner needs to know that the coast is clear. There have been plenty of cases where generations down the line, someone will suddenly appear claiming entitlement to the land or house you purchased with the documentation to prove it. By obtaining these records, you can rest easy as you can clear out any possibilities of this being the case. You may have to pay a small fee, however it is worth it.