Property Records - Tips, Tricks and Buying Direct
Property records, technically, are not restricted to real estate property - although that's what the term is typically used for. Property records are public records and are accessible through the Internet.
So where can you find property documents? You have these options:
- Use the search engine of the National Archives & Records Administration. The very size of database, however, may make things difficult. But the National Archives is the largest repository of all property records - whether they involve private individuals, the US government, or even war claims!
- Use a broker or vendor property records site. You can find several by typing in:
- State or County Name + property records
- State or County Name + real property records
- Use the county website. Search for it by typing in the same parameters as in option 3 or 4 above. This is, by far, the easiest search to perform. Say, you type in "California real property records" into any search engine. Your search will turn up several county property records websites for the State of California (e.g., Orange County, Placer County, Sonoma County, etc.).
Property Records - Who Keeps Them?
Say, you buy a home (house + land it's built on). That transaction must be recorded at the Office of the County Assessor and the Office of the County Recorder.
The law states that property records be kept by:
- the assessor;
- the recorder; and/or
- the tax collector.
Property Records - What Can I Expect to Find?
Property records contain details like location, new owner, previous owner, addresses, purchase dates, property descriptions, estimated dollar value of the
property, etc.
Real estate property records are made up of tax records, mortgages, property valuations, and similar documents.
Since the property records maintained by the county are quite detailed, researchers can perform a chain of title, tracing the history of a piece of property.
Genealogists have even used property records to document life-changing events in the lives of ancestors or historical figures (e.g., making or losing great wealth, going to debtor's prison, etc.).
Property Records - What About For Sale Property?
The easiest way to look for property you can buy is to find a real estate broker within the area and give them your requirements, like ballpark price, location, amenities, etc.
If you don't want to use a broker or agent, what you should look for is a FSBO (say like "fizzboo"), which means For Sale By Owner.
In 2006, 12% of all real estate buys in America were by FSBO. That percentage showed a drop or 1% from the previous year. The highest percentage of FSBO deals recorded was in 1987, when 20% of all buyers bought properties straight from their owners.
How much do you save through FSBO? Well, the average agent's commission is 6%, but that can go 1% up or down across the US.
Next Article: Real Estate Records - Do Your Contracts Have These 8 Components?