Tulsa Real Estate Agents | Fantastic Finds
Okay tulsa real estate agents. Today we are going to talk about title records. We are going to go over and explain how the public record system works and why it’s important I’m also going to explain the benefits of having insurance and design some keith armstead estate agents need to know. So. First of all, records are open to anybody. That’s why it’s called anybody who is interested in purchasing a piece of property and needs to know that they can search the title records. Why would I want to search all records? Well, he want to be able to review the records to see if there are any kind of claims or liens on a property. Anything that’s going to affect somebody’spretty ownership and again, like i, said it is open to the public. That’s why they’re called public records, so it just depends on where you live and what jurisdiction you live in a different jurisdiction to figure out who is maintaining all these public records and it could be a county clerk’s office. It could be a city clerk court records records of deeds. So, first off you are recording a deed. First of all, recording a deed, just means that you are placing that information on that property on kellogg record. That’s what recording a deed means in most every single state requires a written document to be recorded, wither county of whatever county, that the property is located in anyone who is interested in buyinga, piece of property or real estate. They can take certain steps by giving a notice and there’s actually two different types of notices that you give. There is a constructive notice and then there’s actually I noticed called actual notice. They just need to be aware of what these two terms mean. A constructive notice just means that a piece of document has been recorded on public records. You just go to the courthouse, you record it and it’s there for the public. If he wants to search it up now, an actual notice takes it just a little bit stuff further, it’s not only as the information available, but someone is actually aware that the information is available. It’s kind of like if I were to record something at the courthouse and then I go and tell somebody hey ericdetour. This information at the county, clerk’s office, and that means I’ve, given somebody an actual notice of constructive notice, you’re not announcing it to the world, have done this, but the actual, no means that you have done this there’s also a priority of documents, and all that means is, let’s just say, use a lien for an example. If someone is going to record a lien, whether it be a mechanic’s lien, a mortgage lien, whoever comes first to record that lean. It’s first come first serve, so they determine who gets the priority based on the day and the time somebody requires that pretty much. That’s that’s it on that. There’s also something called I’m recorded documents, so certain types of liens are not recorded for an example. If you have real test a real estate taxes or if there’s any type of special assessments on a property, those lanes are not necessarily reported, but they automatically get bumped up to the front, because they’re going to be always first in line no matter what other lean is has been recorded. So another thing that tulsa real estate agents need to be aware of is what a chain of title is in an abstract. So sometimes the two can get a little bit confusing, but much the chain of title just means that it’s kind of like a record of property ownership. So when I purchased my house, my name then goes on the chain of title and it has every owner from the past or previous history. Ownerships I’ve recorded on the chain of title. That’s pretty much. All that is the abstract is a little bit different, because the abstract is more of a summary have is a summary report that actually is found in public records, but it gives you all the information on the property whether there was a lien on the property. What maybe it could be a various at various events or any type of court proceedings that have ever been held against a property? That’s going to actually be on the abstract, and whenever you purchase a property title company is involved in getting the abstract up-to-date and they have lawyers that will come in and go through and make sure that the chain of title is clean because you want a marketable deed and they also update the abstract. The abstract is on something that you know:i, guess a homeowner. When you’re buying a piece of property you could actually cuz. You have to pay to have that the abstract updated. You could take the truck home with you. If you wanted to keep in mind you, if you lose it, then it cost thousands of dollars to replace a lost abstract. So you never want to actually take to attract with you. What what does happen after they update the abstract. They keep that in a safe place. I believe there’s only two places in tulsa area that stores abstracts and therefore, if they lost the abstract and they are responsible for paying to replace the abstract. So the point of all of that would be. We want to make sure that you have a market of marketable title and you want to make sure there’s no cloud on the title, which means you know, there’s nothing wrong with the chain of title. If there is a problem or a cloud on the title, and that just means that you need to file a court action against it and that action to get the title clean is called action to quiet title. If there’s arguments of who owned what or when they owned it, you would file the action to quiet title to get rid of the cloud or the the mistakes that have been made.
It’s this kind of like you’re, telling everybody to be quiet. We are going to fix this. That would probably be the best explanation that I can give on that and possible estate agents. You know, there’s not a whole lot that you really do need to know about this, because obviously the title company is going to take care of that when you’re purchasing a home and you’re getting a mortgage, you have to have title insurance and the title title insurance is going to give you a guarantee that when you are buying that piece of property, you are guaranteed that. Ownership of the property. So you always want to get title insurance. It’s going going to protect you in any kind of event that has occurred in the past. If there’s problems with the title, you are completely protected, so tulsa real estate. It’s really need to make their clients aware that title insurance really. Obviously it is a mess to have title insurance if your getting a loan. But sometimes if you are not getting a mortgage and you are a cash buyer, then you actually have the option to buy the title insurance or not purchase the title insurance, but I would always suggest, and hopefully I’ll talk to real estate agents would suggest to their cash buyers that you probably want to protect yourself. It does not cost that much money to purchase the title, insurance and there’s something called the torrens system. It’s a legal registration system that is used in order to verify a real estate ownership, so I’m. System definitely is something that the title companies use in order to register titles under people specific names and not a big knot. Something really that sells real estate agents need to know, but it’s good to know. So, just a quick brief of what we discovered. We just talked about recording the title deed. We talked about constructive notice and the difference between giving a constructive notice and actual notice. We, we also discussed the chain of title and what that means compared to the abstract and I’m. Remember tulsa. Real estate agents need to be aware of what an abstract really is and what it means and honestly, the title companies are more in charge of all that, but it’s really good to know for the real estate agents so that they can educate their client along the way