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Here’s what you need to know about property record searches

May 25, 2018

Here’s what you need to know about property record searches

Getting property records to set up purchase transactions or to execute a purchase agreement is highly crucial when you are a buyer. These records bear all the details crucial for the sale of a property and give you an upper hand, especially when you are the buyer. The best details for negotiation are usually found in the history of the property, and when you compare properties based on their property records, your decision is definitely bound to be more logical than just going with facts that you are informed of by the owners. While most purchasers rely just on the data provided by the multiple listing service (MLS), there are other avenues for receiving property records.

Why are property records really that important? Well, if you could negotiate on the final price and push it slightly below than what the owners expected, it’s definitely a win situation for your finances. Let say you are looking at property records and find out that the current owners are a couple, and they want to sell in the face of their divorce. Now that you have this information, you know that they are motivated to get the proceedings cleared soon, and thus, there is a chance that they can drop a little lower on the price. Moreover, if through a property record search, you find out that the property was listed some time ago and is still to be sold, you can further find out what the reason is and negotiate better terms with the owner for a price reduction. When the property has been on the market too long, the owner is definitely trying to get the property off the hook as soon as possible. These are not the only details, you can also find details such as if the property is listed just now or have there been previous listings and withdrawn, foreclosure details, improvements on the property, cost of the original structure, etc.

The most common place to search for property records is at the public records offices. Each city has a records office that bears all the details and information pertaining to all properties in the area. You can just visit the county courthouse or the city hall and request the respective personnel to help you gain access to the property’s deeds or encumbrances.

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