Title searches

[drago408]

Do a lot of members on here make it a habit of doing a title search before making a bid on a property, or do you just take a chance and just bid.? (saving yourself the $120 some odd dollars to have the search done). 
I've paid for 2 title searches so far, and both bids fell through.  (1 cancelled and 1 outbid)

I know the city usually advertises if there are any executions on title in the tax sale advertisement.  But I'm not sure if they (the city) will mention anything MAJOR on title, such as a crown lean, or any outstanding mortgages IF there are any.
If I could somehow save myself the title search cost before bidding, it would not be as much of a bummer if the sale got cancelled, or my bid was not the highest.

Any inputs here would be appreciated

[pjdd]

Title searches are crucial before making a bid, you can never take a chance and hope that the property has a clean title...120 bucks is nothing compared to what may happen if you do not do a title search. There are other cheaper ways of title searches available they have been discussed in past posts...Good Luck

[Dave2]

Drago:

There are not many tax sale bids that go for less then $5,000 so the deposit is at least $1,000.  Having to walk away from your deposit pays for a lot of title searches.  

If you buy contaminated land, you are responsible for the cleanup and your costs are way more then the purchase price.  Always wonder what happened to that poor soul in eastern ontario who thought that they were buying 40 acres of rural land and ended up with a dump of 100,000 buried tires.

[ChrisCentral]

Apparently the Land Registry Office is changing how they opperate and they will be allowing searchs to be done online and not just the local office.

From what a pleasent helpful clerk told me: 'It will happen sometime between now and 2099'

Hopefully sooner then later.

[ruok]

In the end, it's money well spent!

[ChrisCentral]

I agree with ruok, Dave2 and pjdd...

I would personally never buy a house without a home inspection or a used car without a report and a mechanics inspection?

I understand the inhabition to spend the $120 especially when you don't win but it's all in the cost of doing business... better to spend and loose then buy and get screwed with a contaminated land as Dave2 mentioned above.

If you want to protect your $120 bid higher; if you loose your title search amount consider it an investment into your own tax sale education... that's how I look at it... unfortunately for me, my wife (the CEO/CFO of the house) doesn't always agree

[drago408]

Good points, I agree with the cost of doing business perspective,

Thanks for your inputs, ruok, Dave2, Chriscentral and pjdd

[LarasDad]

You can always go to the registry office yourself and plunk down the 10 bux or so.
But what is your time worth not to mention the gas -- and that's if the office is "local" !
Every office serves only its own area (usually county).
So if you're in K-W say, and you're looking at Rice Lake properties, is it worth the 6 hours round-trip or do you just pay tri-target the $120 ?

[David1010]

I'm curious about this as well.

I've paid to Teranet for title searches, you get a summary, if you want more information about particular items then you pay for each additional item ($3.95 I think, per).

What information are you getting from Tri-target that is different from Teranet?