Interesting point. I've been out of real estate for a while now, and outside the US for a while.Teal Lantern wrote:
Other times, the county hits the new owners with a bill for years of back taxes (based on the old, higher assessed values).
But I do recall that when I was practicing in California, there were REGULAR title searches, and then there were DEEPER searches. I can't recall whether I had my title girl or an escrow person look into that. I think there was some way, during the escrow process, to ask for the "deeper" search.
But in one case I do remember, with a 5 unit apartment property, the buyer called the city and the county, and I did also. We were both very careful people.
The purpose was to turn up liens or issues that some county or city inspector had noted, or rent control issues that were on file, but that had NOT been recorded on official county title records. Thus would not turn up when you buy "title insurance". Stuff that could bite you in the ass later.
No one taught me this stuff, I just made my self obnoxious asking questions. The best teachers are real estate investors, they know more (and care more) than most agents.
Bottom line: You can make money in US real estate, but do NOT place faith in the "professionals". Ask, inquire, sniff, nose around.