Does anyone have a company to recommend for a title search for commercial land. Should I buy title insurance for it who would you recommend? This is not a mobile home park purchase just 1 acre of commercial vacant land. I would just like to make sure what I am buying does not have any leans on it. The main deed says its free and clear but I found a quitclaim deed on another page of the records. I am wanting to build a small apartment building on it but want to check this out before purchasing. I have been lurking this forum for years but one day would also like to purchase a mobile home park in the future. The apartment building is a start though to build my way up to that.
You should always get title insurance. Search for title companies in the county seat and ask them to perform abstract work on the property so you can understand the liens and other issues recorded against it. Do it as part of a title policy after you get it under contract unless this is just a learning exercise.
You may want to get a survey as well.
The situation may call for the money to be spent.
I went and did my own searching and found out the land had liens on it. It had about eight pages worth of documents for said liens. I checked a lot of them were gone but may be two or three questionable ones. I thought maybe I could get the owner before buying to action to quiet title. Do you think this would clear any leans before transferring the deed to me to be clear. I know I would have a real estate lawyer take care of this. I know that I also could do a title search on it. Do you think is is even worth the time and effort to buy it or should I just run far far away from this property I am looking at?
If you use a title company their first goal will be to clear those liens at closing and deduct their value from the purchase price for everything to be settled. So long as that is clear to the Seller it should not be a problem.
Using an attorney only can have its own risks, but could work if they’re very good. Given there are known liens there is no telling what else is under the hood. Get insurance for this deal…
Just because its commercial doesn’t mean its zoned for apartments, or whatever your intended use is. Check with the local zoning municipality, check to see what was there before the land became vacant. Was it a gas station? A dry cleaner? Are there any environmental issues?
Don’t close without knowing exactly what you can or cannot build there.
How do you think I know this?
Keep us posted,
Mike Weiss
Las Vegas, NV