Consumers avoid issues when buying property by conducting a lien search. This basic search stops consumers from falling victim to unlawful sellers. The first task for all major transactions is to identify the rightful owner of the property.
Protecting the Consumer
To identify if the seller has the legal right to sell the property, a title search is conducted. The most recent title should show the current owner's name and address. Even if there is a lien against the property, the rightful owner's name appears on the title. During the original transaction, the lender submitted a request for a new property title. The process allows the DMV to place the current owner's name on the new title, even though it isn't released to this owner until the loan is paid off.
Public Lien Searches
All consumers who have the vehicle identification number for an automobile can conduct a vehicle lien search in British Columbia. These searches allow the consumers to make well-informed decisions about vehicle purchases. After they conduct the search, they can evaluate whether the vehicle is worth the total value of the lien plus the sale price. In these instances, they can avoid unnecessary expenditures by negotiating with the lender if they want to buy the automobile.
Real Property Reviews
Consumers who are buying directly from a homeowner should order a land title search. This process allows them to identify the rightful owner and determine if a mortgage was applied to the property. At the closing any outstanding balances are paid the lender. If the buyer isn't aware of these balances it could jeopardize their right to buy the property. This is why it is urgent to conduct a search and evaluate the information presented before buying a home in this way.
Consumers who want to buy homes or automobiles should acquire a lien search if they aren't buying through a real estate firm. Homes that are for sale by owner don't always follow the standard protocol as those listed through an agency. In these instances, mistakes are probable. All buyers who wish to acquire a lien search should contact a provider now.