As an investor you cannot keep ordering title searches on property you may or may not purchase. This can get very expensive and a complete waste of your money. You need to learn how to search title yourself. Then when you see a property you are interested in you can go online and find out who owns it. How many mortgages they have on the property. Do they have any liens - judgments, mortgages - taxes, etc. owed on the property. Once you learn about the property then you come from a position of knowledge and power. This is where you need to be when investing. Know your business or you will choose the wrong deal and you will not like the outcome. So learn how to do your own title searches and know what you are getting yourself into prior to purchasing any property. There are so many horror stories from investors purchasing property at auction for an incredibly low price only to find out they purchased a second mortgage and there is large first mortgage they have to pay. Now, instead of being a great deal they are upside down in the house and cant get out of it. Be smart! Know exactly what you are buying.
A quick few minute title search can ELIMINATE this from happening to you.
Title Insurance :
Title insurance insures the condition of the titles as the date of the policy.
There are teo types of title insurance policies:
The standard policy and the extended policy
CLTA: Owner's policy
ALTA: Lander's policy
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Property Taxes:
When They are Due and
When they need to be Paid before being considered late
Mnemonic: No Darn Fooling Around
The county’s “Fiscal Year” runs from July 1 – June 30th. Therefore, the county has you make payments for their
1st half of their year and then again for their 2nd half of the year. It would be nice if the dates payments were due
made sense, but that would be asking too much.
The first half of their year runs from July 1 – December 31.
When is the property tax payment due? November 1.
When is it late? December 10.
The second half of their year is from January 1 – June 30.
When is the 2nd half property tax payment due? February 1.
When is it late? April 10.
Remember this Mnemonic: No Darn Fooling Around
1st Installment (Dec 10): July 1 – Dec 31
2nd Installment (Apr 10): Jan 1 – June 30
No: November 1st First installment is due.
Darn: December 10th First installment is late.
Fooling: February 1st Second installment is due.
Around: April 10th Second installment is late.
