In the United States, you have to submit real estate documents to the Recorder of Deeds Office or at the Country Recorders so they can create an official record of your property. This will include any data pertaining to any real estate property and will usually be made public for others to refer to whenever they need information on a specific house, building, or land. It is usually used to inform everyone who the owner is. It also records the tax assessment of the property. Aside from that, it also gives out specific details such as the number of rooms and floors and the actual size of the lot.
Why It Is Helpful
Checking the official record of a piece of real estate is helpful when you want to check if it is owned by a bank or company or if it is already faced with foreclosure. It can also help potential buyers see what the property looks like and the actual status of the structure before deciding to purchase it.
It could also help them perform thorough research about the past owners to avoid difficulties that involve legal issues with the buying process, loans, and disputes involving ownership or land boundaries. Additionally, it shows the mortgages and the deeds to help future buyers decide if they want to proceed with the transaction or not.
Aside from formally knowing the property value and history, it is also a sign of proof that a certain individual actually owned the property. Records also serve the purpose of showing the succession of ownership since there are homes that were sold a couple of times to different people.