Warranty Deed Iowa: Fill & Download for Free

When purchasing a home, how do you know the home seller is actually in “title” to the home, and has the legal right to sell you that home?Well, you'd check the public records system to see who has an ownership interest in that piece of real property. But what if the seller was married and then divorced? Does the ex-spouse have any interest in the home? or what if the previous owner died? Now who owns the property? Was there a will? Who is in charge of the estate? What if the renter is posing as the seller and tries to sell the home to you? If we think these things would never happen, we’d be wrong.When we want to transfer title from one person to another, say I sell my house to you, then I sign a warranty deed transferring my interest in the property to you. That warranty deed is recorded in the county recorder’s office. Anyone else who wants to put the world on notice that they have an interest in a piece of real estate can record anything they want at the county courthouse provided they pay the recording fee.In WA state, which is where I live, almost all states now record everything electronically. Years ago, you’d have to physically go to the courthouse, pay the fee, and have them “stamp” a recording number on your deed.Again, in WA State, the title companies jointly own a massive database housed on a terra server so all the documents going back to the 1980s are now available electronically. Years ago, the documents were in hard-copy form, filed in actual file folders.The state has a record of who is in title to the property and their address in which to send the tax bill. But that alone will not satisfy everyone.Before you by a house from me, you would want to see anything of record that might effect the value of the home and how you can use the home and the property. All these things are recorded and become a matter of public record.if you are buying a home for all cash and don’t want to purchase an owner’s title insurance policy, you can march down to your county courthouse and ask for all the records pertinent to the property you’d like to buy, going back to the point of beginning which would be the first land grant deed from the U.S. government….quite a sight to see. And you can pull up a chair and look through the entire chain of title to make sure that it is to your satisfaction.OR you can pay a title company a one-time owner’s title policy fee. The title company will do all that work for you and present the information that you’ll want to see….before you buy the home, in an easy-to-read preliminary report.In WA state, the seller traditionally pays for the cost of the owner’s title policy on behalf of the home buyer.So it’s not just “who owns the property,” but “what information should I know before buying this home? What can I do and what can’t I do with this property? Who has an interest in this piece of property that’s going to effect the way I use and enjoy it?”And I haven’t even touched on the part about how important that owner’s title insurance policy becomes, should you need to file a claim.But let’s talk about the lender’s title policy. When you buy a home, the seller traditionally purchases the owner’s policy for you (though maybe in your state that’s not the case. Ask your Realtor or lender) but if you’re not buying the home for all cash, then you’re getting a mortgage loan.Your mortgage lender will require that you purchase a lender’s title policy. This policy does not benefit you. It ONLY benefits the lender. The risk to the title company is lower, so the price is a bit lower than the owner’s policy. This policy only goes into effect if you default on your loan. In that case, the lender will foreclose, and the lender requires a policy that protects the lender’s interests should you default on the mortgage. Don’t want to pay for a lender’s policy? Then buy the home for all cash.Note: I believe there’s one rogue state that took over the title “insurance” function. I believe it’s Iowa.Films that have a theme of “land titles”Far and AwayThis film shows the Oklahoma Land Races and it’s importance of the settlement of the west.There Will Be BloodOne of my college students did his mid-term paper on all the land title issues throughout the film.Land titles and title insurance are a fascinating topic, or I’m just a nerd. Or both.