Anyone who has ever bought or sold a home is familiar with title searches. Before a property changes hands, learning its history and identifying issues that might prevent the transaction is crucial. Many real estate professionals have recently switched from searching for data at the courthouse to online search platforms. Insurance agents, claims adjusters, and lending professionals also use a property search database to find essential information.
Real Estate Professionals
Property search databases like PropertyScout.io provide information necessary to buy or sell a home. Before attorneys, title insurance companies, and other experts complete a sale, they thoroughly search to identify issues that might affect the transaction. Per Legal Zoom, an online search database provides them with data that includes:
- A break in the chain of title
- Information on easements
- Liens on the property
- Zoning ordinances
- Mortgages on the property
Property Insurance Agents
Insurers want to provide customers with the best service but often need to ask detailed questions about homes before they can provide insurance. That can irritate customers, who rarely enjoy being on long business phone calls. The process of asking and answering a long list of necessary inquiries can frustrate all parties and create unnecessary friction.
Agents could get caught in the middle since they must be thorough in providing a quote that covers clients’ needs. With that in mind, many agents now research properties using an online property search database. A search platform allows insurers to get detailed information in one place at an affordable cost.
Per Homelight, the data they uncover can verify customers’ legal names, reveal how many adults list the property as their address, and provide mortgage data. Satellite images show features like pools. Maps indicate boundaries and identify any issues.
In today’s digital world, customers have grown to expect claims to be handled quickly. When natural disasters occur, claims adjusters must provide fast service to policyholders who may be displaced. An online property search database allows adjusters to offer more efficient service. It also benefits insurers when claims are handled efficiently since companies do not want to lose customers.
Adjusters must resolve claims rapidly, but they also need to check for fraudulent claims. FBI statistics show as many as 10% of claims filed after a disaster are fraudulent. A property search platform allows agents to complete their due diligence before approving a claim. A search can confirm that the customer has provided accurate information or uncover discrepancies.
Lending service providers often extend loans to customers who use property as secondary collateral. In these cases, a full title search may not be necessary, but loan providers still need to verify essential details. An online database offers all the data they need.
Lenders can verify a home’s age and confirm ownership using database information. They can view an overview image and confirm square footage. A search platform helps them estimate the property’s value. Users may also print out reports containing just the data they need.
Real estate professionals use online platforms to search for information about properties that are being bought or sold. An online platform also provides insurance agents and claims adjusters with crucial information. Many lenders use a property search database to verify information on property used as loan collateral.