A full property title search involves going through all the recorded documents, court cases and any other documents on public record relating to the property.
The most basic report will contain a "chain of title”, which
is basically just a list of who owned the property and who they sold it to.
A typical report should also contain tax information, such
as whether or not taxes were paid, how much and the ID number. It should also
contain any easements, conditions and restrictions.
Fees vary from State to State and there are generally four
title searches with most transactions:
· A Valuer does a Title Search to ensure they are
valuing the right property
· A Lender does a Title Search to ensure they are
lending on the right property.
· A Solicitor/Settlement Agent does a search to
ensure they are preparing Mortgage documents for the right property.
· A final search is completed less than 24 hours
prior to settlement to ensure no change has occurred on the title prior to
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Wednesday, 26 February 2020