newsprompt.coINVESTING IN REAL ESTATE
In real estate business and law, a title search or property title search is the process of retrieving documents evidencing events in the history of a piece of real property, to determine relevant interests in and regulations concerning that property.
In the case of a prospective purchase, a title search is performed primarily to answer three questions regarding a property on the market:
-
Does the seller have a saleable interest in the property?
-
What kind of restrictions or allowances pertain to the use of the land? These would include real covenants, easements and other equitable servitudes.
-
Do any liens exist on the property which need to be paid off at closing? These would be mortgages, back taxes, mechanic’s liens, and other assessments.
A title search is also performed when an owner wishes to mortgage his property and the bank requires the owner to insure this transaction.
Anyone may do a title search. Documents concerning conveyances of land are a matter of public record. These documents are maintained in hard copy paper format or sometimes scanned into image files. The information within the documents is typically not available as data format as the records are descriptions of legal events which contain terms, conditions, and language in excess of data.
A title search shows the ownership of a property, as well as any other registered interests affecting it, such as mortgages, leases and easements.
How to obtain searches and documents
Current titles searches, historical title searches or copies of documents and plans can be obtained from licensed online distributors.
Single current titles searches can also be obtained online through the Queensland Globe.
Searches and copies can also be obtained in person at one of our business centres, or ordered by calling 1300 255 750 or 13 QGOV. Phone orders require a credit card payment and may take several days to be delivered.
Lot on plan and document numbers
-
To ensure you order the correct title search, it is best to provide a lot on plan reference. This can be obtained from your rates notice or through the Queensland Globe.
-
To request a copy of a titles document or a plan of survey, you must provide the dealing number of the document. This is available from a current title search.
-
To request a copy of a survey plan, you must provide the SP/RP/BUP/GTP number of the plan. This can be obtained from a current title search or a rates notice.
Title to immovable property is ascertained by perusing relevant “Documents” and “Deeds” pertaining to such property. The term “Document” has very wide import. Under general law ‘document’ means any matter expressed or described up on any substance by means of letters, figures or mark for the purpose of recording that matter. The documents relating to property or commercial transactions are generally called Instruments or Deeds.
Investigation of title is very essential since the ownership of the property is required to be complete, fair & free from any doubts, risks & interest. To ensure this an investigation is much needed so that a purchaser can take all necessary steps at the time of acquiring property to obtain a good & clear title of the land. When search is conducted unto the property of the person who owns it, it is called the Investigation of Title. It is also popularly called as ‘SEARCH’ into the ownership of the property. The investigation is carried out broadly to ensure that the property is indeed in the name of the person selling, is free from liens, mortgages and encumbrances, that the property tax has been fully paid up to date and that the property is not engaged in any legal conflicts.
