Title Settlement Services - Mortgage Services

Title Two Owner Searches

A "two-owner title search" is a specific type of title examination that delves into the ownership history of a property, focusing on the current owner and the immediately preceding owner. This type of search is often utilized in situations where a more in-depth, but still cost-effective, title review is needed. Here's a breakdown of what it typically includes:

Core Components:

Ownership Verification:

This confirms the legal ownership of the property, tracing the title back through the current owner and the previous owner.

It involves examining the deeds that transferred ownership to these two parties.

Chain of Title:

The search establishes a portion of the chain of title, ensuring that the property was properly transferred between the two most recent owners.

Liens and Encumbrances:

This is a crucial part of the search, revealing any financial claims or legal burdens against the property, specifically those associated with the current and previous owners. This includes:
Mortgages: Any outstanding mortgages taken out by either of the two owners.
Liens: Claims such as tax liens, mechanic's liens, or judgment liens.
Judgments: Court-ordered obligations.

Tax Status:

The search typically verifies the current property tax status and any potential delinquent taxes associated with the property.

Legal Description:

This provides a detailed description of the property's boundaries.

Easements and Restrictions:

The search may also reveal easements (rights granted to others to use the property) and restrictions (limitations on how the property can be used) that were placed during the ownership of the two most recent owners.

Key Characteristics and Uses:

Limited Historical Scope:

Unlike a full title search that goes back through the entire history of the property, a two-owner search focuses only on the two most recent owners.

Common Use Cases:

Foreclosure proceedings.
Short sale transactions.
Certain refinancing scenarios.
Auction purchases.

Purpose:

To identify potential title defects or encumbrances that could affect the property's value or ownership rights, particularly those that arose during the tenure of the two most recent owners.

In essence, a two-owner title search provides a focused examination of the property's recent ownership history, offering a balance between thoroughness and cost-effectiveness.