Prescott AZ Real Estate Public Records and Recording
Most simply put, title is owner’s interest in a piece of property.
There are many different forms of ownership of property:
- Severalty is the same as sole ownership
- Joint tenancy
- Tenants in Common
- Tenancy by the Entirety
- Community Property
- … and others
It’s important to have a trusted advisor when purchasing real estate in Prescott Valley AZ
Typically, during the home purchasing process, there is a title search performed on the public records. This title examination’s primary purpose is to determine who has rights in the property and in the condition of the title.
The public records which are often checked include property indexes maintained by the county, they could include indexes by grantor or grantee names and property numbers to mention two.
During the title search there will also be checks of tax records, and court records to make
sure there are not any delinquent taxes owed on or judgments placed against the property.
The basic premise and purpose of the title search is to make sure that the title is marketable, which means that the property can be legally sold, or that the title of the property can be transferred to another owner or set of owners.
Title defects, also known as title clouds or clouds on a title are any claims or encumbrances that may impair an owner’s title on the property. These defects can and are often removed from the title by a process called perfecting title.
The title search process is most often performed by the title company that you choose, as the buyer of a property, who processes the escrow.
There is also something in relation to a title called the chain of title, it is a listing of all the conveyances from owner to owner of the property. If there is an owner that is missing, this would be referred to as a gap.
When the title company finishes this process they will provide an abstract which is a condensed history of all documents affecting the title.