Property buying in Cook County, Ownership and lien searches
Buying a property can be a challenging task. There are lots of things involved, so before you commit to invest not just your money but also time, you need to be well conversant with the whole process. You will be committing a substantial amount of your time and money in such an investment, so it calls for understanding everything so that you make the right decision and buy a property that will meet your needs. One of the most important aspects is conducting due diligence: finding out whether the property which you are buying is owned by the person or institution that is purporting to sell it. There are cases where people have bought property, only to discover too late that what has been sold to them has some issues. This can be a very expensive mistake; one that can cost you lots of money or you could even end up losing the property. You can avoid all this by conducting ownership and lien searches. In Cook County, just like any other part of the country, this process is elaborate: it will yield the required results. However, when you do not understand it, it can take much of your time and you may not find everything you’re looking for.
Conducting a title search for a property will give you details about the ownership and let you know whether the entity purporting to sell has a legal ownership. The search will also yield results of any outstanding claims or liens on the property. This process can be tedious, so you need to be familiar with it; or you can hire a title company or a real estate law firm to conduct the search on your behalf. Although this information may be found online, the process of obtaining it may not be easy. Getting to know an agent who can assist you in the process is prudent. The agent may have built a relationship with a title company which they trust to complete the exercise. It is also important to understand that some of this information may not be obtained online.
Cook County Recorder office will be the place to visit for records between 1871 and 1985. To get this, follow the steps below:
First, ascertain whether the street name or the property number has changed. Street names and numbers may have changed, especially if the property in question is old. To ascertain this, there are several resources that can assist such as Chicago Ancestors map department among others. Once you are sure that you have the right address, visit the Cook County Assessor’s property Search armed with a legal description or PIN. At the Recorder of the Deeds Office, you will have to locate the right tract book page, a process which can be tedious. You can get assistance from the clerk, but this will mean coming here a few times. The process of locating the correct page can be complex, so do not expect it to be done in one day, more if you are not familiar with it.
With the tract book page, you will get a chain of ownership, showing the name, dates and document number which refers to different property and court records. To view the property records, you will have to ask the clerk to show you how to book and page the entries. Take note of the records and have a look at the microfiche records to ascertain all the details about the property.
Ownership and lien search is a crucial part of the property buying process; it has to be done right. Even if you are going to seek the services of an agent, it is important to have some knowledge on how the process is done. It is through the search that you will establish whether the property you are buying has any issues, avoiding a situation where you incur further costs or end up losing the asset.