When it comes to real estate transactions, understanding the process of title research and abstracting is crucial. In Washington state, this process is particularly important for both commercial and residential properties.
What is Real Estate Title Research?
Real estate title research involves gathering documents that show who has the legal right to own and sell a property. This process is critical to avoid last-minute surprises and ensure that the buyer becomes the sole owner of the property. Hidden claims or liens by other parties may exist, which could cause problems for both the buyer and seller.
In Washington state, most title searches go back a minimum of 30 years, but they can extend much longer to identify where the last conveyance occurred. After the title search is finished, an Abstract of Title summarizing ownership history is prepared, and a Title Opinion Letter is issued to demonstrate the validity of the title.
The Role of Title Abstracting
Title abstracting is a process that involves creating a concise summary of a property's ownership history, including all legal and financial events related to the property. This abstract is then used to determine if there are any outstanding issues impacting the transfer of ownership. An abstract of title in Washington state includes information about mortgages, liens, subdivision restrictions, surveys, easements, pertinent wills, deeds, lawsuits, or tax sales for the properties in question. The abstract summary helps a title company insure a property accordingly.
Hiring a Title Search Company in Washington State
Given the complexity and time-consuming nature of title searches, many individuals and businesses in Washington state opt to hire a title search company, like us: Title Search Washington. We have the expertise and resources to conduct thorough and accurate property title searches, ensuring that no outstanding issues exist that could crop up after ownership has been transferred. Call us today to get started: 1-360-997-0380
WASHINGTON TITLE SEARCH TO TITLE REPORT PROCESSES
