73% of real estate agents saw a jump in fake seller scams last year. That’s why knowing who owns your dream home is more important than ever!
Public resources and online property ownership records make it easy to find the owner of a property. Online tools and databases have made this process more accessible than ever.
With this information at your fingertips, you can ensure that you don’t fall prey to any real estate fraud. Explore tips on how to find out who owns a property to make wise choices in your real estate transactions.
📌 Why Verifying Property Ownership Matters?
- There are 9,521 reports of cyber-related real estate and rental fraud, with damages topping $145 million.
- There are 19.95 million rental properties in the U.S. containing 48.2 million rental units.
- Knowing who owns the property helps you to research its history. This can disclose issues such as liens, title faults, etc.
Why Do You Need to Know Who Owns a Property?
You must find the owner of a property for reasons ranging from ensuring legal compliance to investment protection. Some important reasons for a property ownership search are:
- Save on Realtor’s Commissions: Knowing the owner helps you bypass a Realtor in “For Sale By Owner” method, potentially saving on commission fees and speeding up communication.
- Get Legal Proof: A property ownership search ensures that the title is legally transferred from the seller to the buyer. It acts as evidence of ownership and helps with legal disputes.
- Avoid Fraud and Scams: The likelihood of property fraud, which occurs when a seller provides false information about a property, has risen by 23%. Homebuyers can learn how to identify and avoid these frauds.
- Financial Security: You must find out who owns a house to ensure financial stability and prevent losses from buying a house with ambiguous ownership.
- Reduced Risk: Knowing the owner helps reduce the risk of non-compliance issues. Verifying documents like the title, possession letter, and encumbrance certificate leads to a smooth transaction.
How Can You Find Out Who Owns a Property?
Here are 6 ways through which you can find out the property details and its ownership:
1. Check Online Real Estate Databases
You must research the location or identify the number of the property. Various real estate websites may provide extensive databases with well-documented ownership records and property information.
2. Visit the Local Library
Public libraries are valuable resources for researching property details. Most libraries provide complimentary access to digitized county records and online databases.
Also, property owner searches conducted at the library provide crucial information. It includes the name of the present deed holder, plat maps, tax registers, etc.
3. Reach Out to the Neighbors
You can talk to the neighbors in the locality and know the inside track regarding ownership history and who possesses a particular property. However, the information may not be accurate always, especially regarding current ownership.
4. Seek Help From the Local Assessor’s Office
You can also visit the county assessor to obtain information regarding the property ownership. Assessors depend on public disclosure to accurately appraise values.
5. Talk to a Real Estate Agent
Local real estate agents possess exclusive databases with comprehensive property details. Agents’ industry connections permit property owner queries. They may utilize information from title companies.
6. Consult a Title Search Company
A title search company confirms the seller’s property ownership. It is done by reviewing bankruptcies, county land records, tax liens, and court documents. They can swiftly identify the owner of any property.
What to Do After You Find the Owner?
Once you have successfully found out who the owner is, follow the process below:
- Establish Contact: You must initiate contact with the property owner. Justify the need for communication in a cordial introductory letter.
- Express Your Interest or Concern: If you want to buy the property, express your interest clearly.
- Negotiate the Price: Provide supporting evidence and comparable sales data to substantiate your offer price. Negotiate repairs or credits.
- Seek Legal Assistance: In cases involving boundary disputes or suspected ownership fraud, it is prudent to seek the advice of a real estate attorney.
Bottom Line
Knowing who owns a property is a very crucial step in your home-buying journey. It allows you to negotiate with confidence, verify the deal’s legitimacy, and uncover potential issues before they become problems.
Use the resources mentioned in this blog to find the owner and ensure a smooth and successful homebuying experience.
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Frequently Asked Questions
What is the average expense associated with determining the owner of a property?
Determining property ownership through online databases costs between $10 and $50.
Can we discover the identity of the property's owner without their consent?
Yes, property ownership is generally a matter of public record that is accessible to all.
How current is ownership information?
Paid databases provide the latest ownership data. These databases update their records using information from county assessor offices, recorders of deeds, and other public and private sources.
What happens if the property's owner seems hidden or anonymous?
Anonymous holding via LLCs or trusts can be necessary at times. It is especially true if the real proprietor cannot be identified through conventional means. Unknown property owners may impede legal processes, financial transactions, regulatory compliance, taxes, and investigations.
Is it possible to access property ownership histories in addition to those of current owners?
Property ownership histories are typically available via numerous methods. Public documents from local government agencies like the county assessor or register of deeds are often researched. Previous owners, purchase dates, and selling prices are included in these documents.
