If you are in the market for a new commercial property, one of the things you’ll want to do before moving forward with an acquisition is a title search. Researching a property’s title ensures that you’re buying a clean title or that you are aware of any existing defects with the title. You can outsource this process to a title clearing company, or you can investigate on your own with the help of title search software. Which one is right for you? We explore the benefits and drawbacks of using a title search company or title software for your next title search.
Title Search Company Vs. Title Software
We’ll be the first to admit that because we are a title search company, we strongly believe that using an industry expert is the best way to conduct a title search ahead of a commercial acquisition. We understand that there may be some benefits associated with using a title search software program, but at the end of the day, we believe you’re much better off using a company to conduct the search. Here’s why:
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More Diligent Research - A software program’s ability to uncover title defects only goes as far as what it can find in digitized records. When you trust this process to a company, your title searcher will be able to conduct a much larger search. Many county clerk’s offices still have a significant portion of their records in hardcopy and not easily accessible online. Your software program can’t head over to their office or call for more information, but we can.
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We Still Use Software - We use title search software as one aspect of our research, so you’ll still be getting the access and information provided by these programs even if you outsource the job to a professional.
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Lots On The Line - You are about to make a very large purchase, so don’t let your inexperience with title search software cause major problems for your financial future. You have a lot on the line, and you need to know that the title search is being conducted thoroughly and correctly. Humans make mistakes too, but title search professionals make far fewer mistakes than inexperienced individuals using title search software for the first time.
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Why Rush? - One of the benefits that is oftentimes pushed by those who want to push their title software programs is that it can conduct a search in a fraction of the time it takes a human. Yes, you can have a title report in hours when working with a program instead of days or weeks when you outsource the process, but the acquisition phase typically takes months, so there’s really no reason to rush through the title search process. You have time, so make sure it is spent wisely.
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Worth The Cost - Outsourcing the process to a team of professionals will cost more money than it would to run a title search through a program that you subscribe to or pay for, but considering the financial stakes, paying a little more to know that the job is done right can protect your purchase and give you peace of mind knowing that no problems are going to develop down the road. We provide ourselves in providing immense value to our clients when it comes to title research and title cleaning, and we know that you’ll be happy that you spent a little more to ensure the job was done right.
Software programs can certainly help with title research, but be very careful if you are considering only using a program on your own to research a property’s title. Greatly reduce the risk of error and a nightmare financial situation by trusting this process to the team at Commercial Partners. For more information, give our team a call today at (612) 337-2470.