Presentation on theme: "Public Records Databases for the Real Estate Lawyer from LexisNexis® When to use them. Where to find them. What it costs to access them. By Pat Cannon,"— Presentation transcript:
Public Records Databases for the Real Estate Lawyer from LexisNexis® When to use them. Where to find them. What it costs to access them. By Pat Cannon, Esq. LexisNexis Matthew Bender
When to Use Public Records Databases from LexisNexis Scenario #1: Begin due diligence process for real estate transaction Scenario #2: Determine if creditor has initiated foreclosure proceedings on real property collateral Scenario #3: Screen or otherwise investigate prospective tenant, purchaser, or borrower
Scenario #1: Begin due diligence process for real estate transaction Scenario #1: Begin due diligence process for real estate transaction Due diligence, a critical part of many real estate transactions, can (1) confirm that the property meets the buyer’s needs and the lender’s requirements, and (2) determine whether the seller’s representations are accurate and complete. LexisNexis offers many relevant Public Records and related sources, e.g.: Our Real Property database offers abstracts of real estate records from over 1300 counties in 49 states plus DC Run a Comprehensive Location Report to: Quickly search across all relevant LexisNexis public records sources with a single search; and Obtain a comprehensive view of the location you are researching. Our Environmental FirstSearch gateway enables customers to generate customized reports synthesizing info contained in environmental site records maintained by federal, state, tribal, and local governments.
Scenario #1: Real Property Database Through Lexis.com ® Scenario #1: Real Property Database Through Lexis.com ®
Scenario #1: Comprehensive Location Report Through Lexis.com ®
Scenario #1: Environmental FirstSearch Gateway Through Lexis.com ®
Scenario #2: Determine if creditor has initiated foreclosure proceedings against property Scenario #2: Determine if creditor has initiated foreclosure proceedings against property Our Foreclosures database contains information – updated weekly -- on legal proceedings initiated by a creditor to repossess real property collateral for a mortgage loan in any of 48 states plus D.C.; this info includes: Buyer, seller, deed, & mortgage information. Date of loan default. Auction date, location, opening bid, lender, title company. Subdivision name, land usage, parcel number, current last value, & legal description. Our Comprehensive Location Report (see Scenario # 1) includes any relevant info from this Foreclosures database. County web sites may offer free access to foreclosure-related recorded documents, but counsel must search each county’s records separately.
Scenario #2: Foreclosures Database Through Lexis.com ®
Scenario #3: Screen or otherwise investigate prospective tenant, purchaser, or borrower Scenario #3: Screen or otherwise investigate prospective tenant, purchaser, or borrower Counsel for a landlord, seller, or lender may need to look into another party’s current and past debts, liens, bankruptcy filings, litigation, criminal record, and assets, to assess the other party’s present situation and predict future behavior. LexisNexis public records databases that can help with this investigation include: Bankruptcy Filings. Judgments & Liens. Foreclosures. Criminal Records. Civil and Criminal Filings (states and federal). Combined Verdicts, Settlements and Expert Directories. Assets (Real Property, Stock Ownership, etc.)
Scenario #3: Check for filings, debts, litigation, and criminal record Scenario #3: Check for filings, debts, litigation, and criminal record
Example: Using LexisNexis databases in real life Facts: Assume a landlord has the right of consent to the tenant’s proposed sublease or assignment, and has asked you to investigate the assets of a potential subtenant or assignee. You want to check for other real estate owned by the prospective subtenant or assignee. How can you do this? Step 1: Using the public records databases through lexis.com®, scroll down to Find Assets, and, directly beneath it, click on “Real Property.” See slide 13. Step 2: This will bring up the “Real Property Search” screen. Plug in the information you possess regarding the subtenant/assignee. See slide 14. Step 3: A huge benefit of this screen is the ability it offers to search across multiple public records databases. To see the complete list of databases included in the search, click on the “All Searches” tab heading. See slide 15.
Step 1: Through Lexis.com ®, go to “Public Records” > “Find Assets” > “Real Property”
Step 2: Fill in the information you possess about the subtenant/assignee
Step 3: To see a list of the databases included in the search, click on the “All Searches” tab heading.
Where Do I Find These Databases and What Do They Cost to Access? Visit our LexisONE site: http://law.lexisnexis.com/webcenters/lexisone/ http://law.lexisnexis.com/webcenters/lexisone/ Scroll down to the second half of the page, and look for the list of our affordable online packages. “Finder & Assets” is our package of public records that helps you locate assets (including real property), people, and businesses. Cost: $34 for 1 day / $55 for 1 week / $112 for 1 month “Bankruptcy Public Records” helps you identify a decedent’s debts, liens, judgments and other liabilities. Cost: $43 for 1 day / $70 for 1 week / $147 for 1 month
Other Public Records Providers Available on the Internet (Unaffiliated w/ LexisNexis)* Other Public Records Providers Available on the Internet (Unaffiliated w/ LexisNexis)* PeopleLookup.com: For $9.95, this website will run a search and provide: address, date of birth, phone number, home value, and address history. For $ 39.99, it will perform a background check on an individual, including: 20-year address history, licenses, bankruptcies, civil suits brought by or against in small claims courts, real property information, tax liens, judgments against, mortgage(s), etc. PeopleFinders.com: For $14.95 per month, you can run an unlimited number of searches of these databases: People Search / Property Search / Death Records / Marriage Records / Divorce Records. For $39.95, you’ll get a single background report on a person covering his or her: criminal background / aliases & maiden names / DOB / 40-year address history / phone numbers / property ownership / marital history / relatives & neighbors, etc. OnlinePublicRecordsSearch.com: 1-year membership fee of $14.99. For an extra $9.95 (total $25), you’ll get access to non-criminal databases, such as people lookups, ancestry records, death records, census records, etc. Another $9.95 (total $35), gives you access to criminal databases. Other comparable services include: PeopleSearching.com / Intelius.com / and so forth. Their price structures are comparable to the three services listed above. County records: Most counties offer free online access to their property-related records, but these records are limited, can be difficult to find, and must be retrieved or searched one at a time. *Competitive data based on information available as of June 11, 2010
Questions about these public records menus or any other estate products from LexisNexis? Please contact Pat Cannon, Esq., at 1.415.908.3238 or Patrick.Cannon@lexisnexis.comPatrick.Cannon@lexisnexis.com LexisNexis, lexis.com and the Knowledge Burst logo are registered trademarks of Reed Elsevier Properties Inc., used under license. SmartLinx is a registered trademark of LexisNexis, a division of Reed Elsevier Inc. Other products and services may be trademarks or registered trademarks of their respective companies. Copyright 2010 LexisNexis, a division of Reed Elsevier Inc. All rights reserved.