Property Records Search Key Terms

Understand the research process by learning property records key terms

Whether buying a property, checking on property taxes, or comparing taxes in the neighborhood, these activities will require the knowledge of key terms for a property records search. Local government property records for a land parcel will include such information as the owner, the amount of property taxes, details of liens or mortgages and the property’s assessed value. A property records search will likely involve contact with the treasurer’s, assessor’s or recorder’s office, depending upon the information desired. Learn a few key terms to help with the process.

 

Property tax

A property records search will turn up the amount of property taxes a potential buyer will have to pay on the property, as well as whether taxes for previous years have been paid. The property tax is a fee levied on land by local governments. If a search turns up the fact that property taxes have not been paid, the buyer will not be able to buy the property until the seller has paid taxes.
Try: Washington State Department of Revenue gives a definition of property taxes, as well as answering taxpayer questions about the process.

Foreclosure

Although people often think of foreclosure as a bank taking over property when a loan isn't paid, a county can also foreclose on property if the owner doesn't pay property taxes. A property records search at the recorder's office will uncover whether the property is in the process of foreclosure and future sale in a county tax sale.
Try: The Oregon Department of Revenue describes the process of foreclosing on real property three years after taxes become delinquent.

Market value or fair market value

The market value or fair market value of a property is an estimate of the price for which a property could be sold. Some local governments use this as a basis for property taxes. The market value will show up on the property record for the land parcel in local government records; this can give the potential buyer an idea of the property's worth.
Try: Records.com talks about a valuation analysis of property, based on the system banks use to determine the market value of property.

Assessor

The county assessor's office is responsible for assessing, or determining, the value of real property. The assessed value may or may not be the same as the market value. Those who are doing a property records search will need to contact the assessor's office to obtain information on the property's assessed value. The parcel information should also include such details as square footage of buildings, number of rooms, bathrooms, and other information.
Try: The mission of the Douglas County Assessor in Nebraska is explained on the office website.

Lien

If the property owner owes money to someone, that person or company can file a lien against the property which becomes part of the property record. If the owner sells the property, proceeds from the sale can be used to pay the debt.
Try: Realestatelawyers.com discusses different types of liens that can be placed against property.

Recorder's office

In a property records search, the county recorder is the office for most local governments that keeps a record of the official owner of the property. When the property is sold, the new deed and owner are registered in the office. The deed contains the surveyor's measurements of the property, giving the searcher exact dimensions of the parcel.
Try: EscrowHelp.com gives reasons for recording a deed at the recorder's office.

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