When buying a home, it is essential that real estate agents, lenders, buyers and other involved parties fully research a piece of property before negotiations begin. Information about a home can influence selling price, mortgage rates and whether a potential buyer wishes to go through with a purchase.
Several documents may be needed to get a full history of a home and enough information about local market trends and neighborhood information. These forms will be compiled to create a complete real estate property record for homebuyers to use.
For example, buyers should be aware of any additional claims of ownership or liens on a property. To ensure a deed will pass between parties free and clear of other encumbrances, it is important that a warranty deed is researched and information on a home's previous owners and mortgages are uncovered.
Because debt may become wrapped up in a piece of property, potential buyers may not be aware that they could be taking on a previous owner's debt when they purchase a property. This debt could come from a defaulted mortgage or other things, so it is essential that any liens on a piece of land are uncovered.
Property tax records should also be obtained. This can give valuable insight into a home's assessed value, the amount a homeowner will need to pay in annual property taxes and whether or not a prior owner has remained current on their tax payments.
Unpaid taxes will become a new homeowner's responsibility if they are not addressed, and buyers may want a re-assessment if they feel a property's tax value is not accurate. Ensuring a home is accurately valued is incredibly important as it will factor into monthly mortgage payments and could impact one's ability to secure a home loan.
Individuals should also be aware of all repairs and upgrades made to a home. County data may have records of building permits taken out on the property, showing how it may have changed over the years.
Typically, individuals would need to visit various agencies and offices to gather all of this information. County assessors or tax offices would have the history on property taxes, which can be a potential signal that a lien may be in place.
However, consumers can now use CRS Data to get all of this information in one convenient place. This cuts time, money and resources and allows real estate professionals to complete transactions in a more efficient fashion.
“The quality of our work would not be as good without CRS. And it would take hours to get the work done without CRS."
CHARLIE HARPER - Sunmark Community Bank