In this special three-part series, we are exploring what is a title search and why it is important for you to perform one before purchasing property for your wireless development project. In this second part of the series, we will explore more about how we care able to determine that the title to the property you wish to purchase is valid.
What is a Title Search?
To ensure the property that you wish to buy is free from other people who have a claim to it, we will perform what is called a title search. This title search involves thoroughly examining property records to ensure no other person or company has a claim to the property. This includes those who might have a claim to full ownership as well as those who might have a claim to partial ownership. Things that we look for include:
- Outstanding mortgages
- Unpaid taxes
Basically, any issues that could impact ownership are explored. In addition, we will conduct a property survey to determine the boundaries of the land and whether there are any encroachments on the property by neighbors or any easements that may impact your ownership claim after you purchase the property.
What is Done with the Gathered Title Search Information?
After the title search is complete, we will prepare an abstract of title, which is simply a short summary of what we found during the title search. This will include the history of the ownership of the property and any other information that was uncovered in regard to ownership. We will also issue a title opinion letter, which is a legal document presenting the validity of the title.
If you have any questions at this point, we will be happy to answer them and to help you make the best decision for you and your wireless development project needs.