Two Owner (Foreclosure) Search
What is a Two Owner Title Search?
A Two Owner Title Search produces the title of a given property going back two owners in the chain of title to the present time. This is one of several types of title searches available depending on the depth and purpose of the search. The process entails searching by various methods to retrieve property related documents which are filed in public land records. Open mortgages, liens and judgments associated with the subject property under the current owners, as well as the individual(s) who owned the property immediately prior to them will appear on the report.
What is included in a Two Owner Title Search?
ProTitleUSA’s Two Owner title search provides the property’s tax status and assessment details for all applicable jurisdictions that the property owner is responsible to pay. Should there be delinquent taxes, the report will include the amount presently due including interest. Two out-of-family, full value transfer deeds are provided. This means that an out-of-family, full value deed into the current owner, as well as one into the prior owner, are included. All mortgages taken out by the current and prior owner are reviewed, and any that are open are reported. Documents associated with the open mortgage are included, as well. This would include document types such as modifications, assignments, foreclosure actions, etc. Judgments and liens against the property and the current and prior owners are provided. If a foreclosure deed is present, the foreclosed lien is provided along with the supporting foreclosure documents. We also include additional state specific services such as:
- New York’s ECB and DOB Searches
- New Jersey’s Upper Court Judgment Search
- Pennsylvania’s Child Support and Prothonotary Searches
- Miami Dade, Florida’s Code Violation Search
- Maryland’s Department of Wills Search
The report is delivered in PDF format and includes an easy-to-read summary sheet along with pertinent pages of all documents that were found during the scope of the search. Customization of the final report is also available. If preferred, information can be returned via API or spreadsheet.
How fast can a Two Owner Report be completed?
The standard turn time is generally within 48 business hours; however, ProTitleUSA understands that not everyone is able to wait that long. For those in need of a two owner report faster, we offer an expedited service for an additional $35. An expedited report will be delivered in four business hours after the order is placed. Once the search is complete, we’ll send you an email with a link to the report. Additionally, you can access the report on our website using your username and password.
Will the report include any mortgages or liens for parties who owned the property before the prior owner?
No, the report will only include documents that were filed during the scope of the search. An upgrade to a State Statute Search would be required if a report of all possible open encumbrances is required.
What is the cost of a Two Owner Report?
The average cost of a Two Owner Report is roughly $140 but will range from as little as $99.95 to upwards of $375 depending on the location of the property. Additional fees are also required if tax certificates are needed in NY, MA, NJ and PA, if the property is zoned as commercial rather than residential, and if the last deed in the chain of title was recorded more than 30 years ago. Bulk order discounts are available.
Who needs Two Owner Title Search Services?
Typically investors and buyers at auctions are the most common parties who order Two Owner Tile Search Reports. It is likely that the bid amount at an auction will not reflect the total lien amount due; rather, just the base amount. Interest piles up quick, so obtaining lien payoffs from a title report is critical. Our Two Owner Foreclosure Reports are also Fannie Mae/Freddie Mac compliant. While the report does not provide title insurance, it is used to get an idea of the encumbrances on the prospective property.
