A title examiner’s job is to conduct research into a property’s history in order to discover information about the land’s title. This will usually entail obtaining records on previous and current owners, as well as information on how the land was sold or lost by each. Homebuyers and sellers also work with title examiners to ensure that the transaction goes smoothly or to assist if any issues arise. Many buyers and sellers, banks, lending companies, and real estate agencies hire title examiners on a private basis.
A title examiner is frequently a lawyer who focuses on real estate. This will enable him to not only look up title information, but also to represent a buyer or seller in the event of a problem. Homes and land purchased at a tax auction, for example, are frequently sold using a quick claim title. This is a title or deed that basically states that the owner is selling whatever portion of the land he owns legally.
To be clear, if a man purchases a property at a tax auction and then sells it using a quick claim deed, he is relinquishing his rights to the property in the same way that he would in a regular sale. The former owner, on the other hand, may still be able to claim the property if he pays any unpaid taxes along with the purchase price. Most homebuyers would not knowingly purchase land that the seller does not own outright, so a title examiner can discover this information prior to the closing.
Someone who has already purchased land with a shaky title may benefit from the advice of a title examiner. This is most common when a property is purchased with cash rather than a bank loan, as most banks require a title search before the loan can be finalized. If the title examiner is also a lawyer, he may be able to help the owner clear the title or reach agreements with anyone who may have a claim to the property in court.
Before approving a loan for the purchase of real estate, banks and lenders rely on the expertise of a title examiner. Within a certain timeframe, the examiner verifies that the title is clear of any judgments or liens. This is also important for homebuyers because a clear title allows them to obtain title insurance. Any issues that arise later will be addressed as a result of this.