Navigating Closing Day: Bring Down Searches for a Flawless Finish

Navigating Closing Day: Bring Down Searches for a Flawless Finish

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Navigating the intricacies of a real estate transaction can be daunting, especially as the closing day approaches. Ensuring a smooth and secure transition of property ownership is crucial, and this is where “bring down” searches become indispensable. In this article, we will delve into the vital role of bring down searches in the closing process. These searches are conducted just before the finalization of a sale to uncover any new liens or judgments that might jeopardize a clear title. Understanding when and why these searches are necessary, who is responsible for conducting them, and how they are performed will empower you to manage closing day challenges effectively. This guide is designed to provide title agency employees with the knowledge to ensure that every real estate transaction concludes with precision and peace of mind.

Summary

A bring down search is an update of title search done immediately prior to closing to determine if any new items have been recorded since the completion of the previous search. Title Agencies are responsible for ordering these searches before closing. The cost is typically included in the price of the original search for the first bring down but additional updates may incur additional fees. Order bring down searches from the same searcher who did the original search. Update your title commitment with new good through date of the completed bring down search. If any new items are reported on the bring down, take action to clear any liens, resolve clouds and update the title commitment with additional requirements or exceptions.

• What is a Bring Down Search?

• Why Update Searches Are Important

• Who is Responsible for a Bring Down Search

• When are Bring Down Searches Necessary

• Average Costs

• How to Order a Bring Down Search

• Next Steps: When the Bring Down Search is Complete

• Sample Request Letter

What is a Bring Down Search?

A “bring down” search, also known as a “last-minute” search or “update” search, is a type of title search that is performed just before the closing of a real estate transaction. This search is done to ensure that there are no new liens or judgments on the property that could potentially affect the title.

Why Update Searches Are Important

A bring down search is necessary to ensure that the title to the property is clear and marketable at the time of closing. Liens and judgements can be filed at any time. It is possible that something new has been recorded between the end date of your original search and the settlement date. This protects both the buyer and the lender from potential legal issues down the line.

Who is Responsible for a Bring Down Search

The Title Agency will order a bring down search from the same person or company who did the original title search at the start of the transaction.

When are Bring Down Searches Necessary

Liens or judgments can be placed on a property at any time, so it is important to perform this search as close to the closing date as possible to ensure that any new issues are identified and addressed before the sale is finalized.

Average Cost of a Bring Down Search

Most title searchers do not charge extra for a single bring down search just prior to settlement. However, if settlement is delayed and you order multiple search updates, they charge an additional fee for the extra updates.

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Subscribers, keep reading for more detailed “How To” instructions and sample request letter perfect for training new staff and updating your operations manual...

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