Hello, readers! Dave from AFX Title Research is back, and today we’re delving into the top developments that have shaped the landscape of real estate title searches in 2014. Join me as we explore the advancements that are influencing the way we handle property transactions.
1. E-Recording Gains Momentum
In the digital age, the real estate industry is catching up with technology, and one notable trend is the rise of Electronic Recording (e-recording). This innovative approach allows deeds and mortgages to be transmitted to county offices electronically, minimizing the reliance on physical paperwork. While currently representing a modest one to two percent of recordings nationwide, the adoption of e-recording is on the rise, streamlining the documentation process for real estate transactions.
2. Mortgage Electronic Registration Systems (MERS)
MERS, or Mortgage Electronic Registration System, continues to play a crucial role, albeit in a more restrained manner. Used less frequently due to a decline in mortgage activity, MERS has evolved to address transparency concerns. Lessons learned from past foreclosure challenges prompted improvements in document durability and transparency, ensuring the validity of mortgages during transfers.
3. Residual Liens from 2004-2009
The repercussions of the economic downturn from 2004 to 2009 are still evident in the real estate landscape. This period witnessed a surge in property liens as real estate activities increased. Although the volume of transfers has decreased, the industry is still dealing with residual liens from that turbulent time, adding a layer of complexity to title searches.
4. Decreased Transfer Volume
The real estate market is experiencing a shift from the frenetic transfer activities of the early 2000s. The current environment reflects a more stabilized system, characterized by a reduced volume of property transfers. This change contributes to a calmer and more manageable real estate landscape.
5. 30-Year Milestone for Online Records
A fascinating development is the nearing 30-year mark for online records. Counties began scanning and digitizing documents in the mid to late 1980s, making them accessible through electronic databases. This milestone provides an advantage for those conducting 30-year searches, offering a wealth of information through electronic versions. However, it’s crucial to note that not all records may be available online, emphasizing the importance of cross-referencing with official records.
Embracing Technological Progress in Title Searches
As we reflect on the top developments in real estate title searches for 2014, it’s evident that technology is reshaping the industry. From the increased adoption of e-recording to the maturation of MERS and the lingering effects of past economic challenges, these developments underscore the need for adaptability in the dynamic world of title searches.
Got Questions About Title Searches? Visit Us at TitleSearch.com
If you’re curious about the nuances of title searches or want more information about the evolving real estate industry, don’t hesitate to reach out. Visit our website at TitleSearch.com for expert insights and solutions tailored to your needs.