Tuesday, June 21, 2016

Title search company offers fast service through the web


I have a friend who looks for bargain-priced homes that he can fix up and resell. An early step in that process is acquiring a report on the property that tells him the details about the house and land that he’s interested in buying. Lawyers, lenders and real estate agents refer to as a title search or an O&E (ownership and encumbrance) report.

The reports contain a property description, current taxes, ownership and mortgage history and other information that helps him decide how he might acquire the house and how much he should pay for it. Assembling one involves quite a bit of research and they can be expensive, especially if an investor has to hire someone in another city or state to do the work.

That’s apparently the opportunity that the Philadelphia-based Abstract Shop LLC saw when it created an online service called Property Report 247. Abstract Shop is a Philadelphia-based an abstract and title insurance agency that services residential and real estate brokers, mortgage and financial institutions, real estate investors, asset managers, title companies, banks and other lenders.

Property Report 247 expands on that service by offering property reports from locations across the country. Customers in one city can easily order a report on homes and land in a distant state at a fixed cost and with a fast turnaround time of 24-72 hours.

The reports list the current owner of the property, how ownership was conveyed to the owner, a legal description, tax information and any open mortgages, liens or judgements.

It also shows the date that the current deed was signed, when it was recorded at the local courthouse, the book and page number where the deed is recorded, and the amount that was paid for the transfer of the property. A pair of sample reports are posted on the Property Report 247 website.

Property Report 247 offers six different pricing plans that vary based on the property location. In many cases, the service uses digital data that is collected and made available by local county agencies. In others, it works with experienced title researchers in that area.

Pricing can depend on the level of technology that is in place in the target community. A report on a property in one of the lowest-priced communities such as Maricopa County AZ or Brevard County FL costs $45 or $300 for 10 reports.

At the highest end, price for a report from Custer County MT costs $750 for a single report or $6,000 for 10.  Customers can pay for a report using a major credit card or PayPal.

For a closer look at pricing and the service’s coverage area, visit the Property Report 247 website. The service is currently only available through the site, but the company says mobile apps for Apple and Android devices are currently under construction.


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Follow me on Twitter @ricmanning and read my technology columns at My Well Being.


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