You probably don’t think much about title search. Why would you? But in our world, title research is integral to our business. It’s the process of researching property titles and determining real estate ownership so that one property can transfer ownership to another.
Title search has long been known as a tedious, time-consuming, and paper heavy task. But now, with the advent of AI, the process is rapidly transforming. It’s faster, more accurate, and more accessible. Here’s how.
Online Records & Digitization of Title Search
One big key innovation is online record retrieval and digitization of information. Historically, title researchers had to go to the county clerk’s office and literally scour through dusty record books page by page to verify information.
Now, many jurisdictions have digitized their property records, making them available through online databases. With just a few clicks, title researchers can instantly find decades’ worth of liens, plat maps, deeds, and more.
This vastly speeds up the research process! But that’s not all that AI has helped to dramatically improve. Mapping and visualization tools have also taken a welcome step into the 21st century.
Now, many jurisdictions have digitized their property records, making them available through online databases. With just a few clicks, title researchers can instantly find decades’ worth of liens, plat maps, deeds, and more.
This vastly speeds up the research process! But that’s not all that AI has helped to dramatically improve. Mapping and visualization tools have also taken a welcome step into the 21st century.
Sophisticated Software for Title Search
Sophisticated GIS software can now integrate and layer various records to clearly depict chains of title and highlight any gaps or discrepancies. Interactive parcel maps make it easier for researchers to spot boundary ambiguities and understand complex site histories.
For repetitive title search tasks, artificial intelligence and automation is now being used. For example, machine learning algorithms can extract and structure key data from documents, identifying title defects faster than humans!
Certainly, AI can’t completely replace human expertise, but it what can do is enhance the work of title professionals.
For repetitive title search tasks, artificial intelligence and automation is now being used. For example, machine learning algorithms can extract and structure key data from documents, identifying title defects faster than humans!
Certainly, AI can’t completely replace human expertise, but it what can do is enhance the work of title professionals.
Mobile Technology in Title Research
Thanks to mobile technology, title research can now be performed right in the field, at the property site. Apps and mobile searching give title examiners on-site access to all the maps, records, and data needed to conduct preliminary title investigations.
This, too, helps to speed up the research process, but it also helps to provide visual context.
This, too, helps to speed up the research process, but it also helps to provide visual context.
Blockchain for Title Search
Blockchain-based digital ledgers are also beginning to be used to establish chains of title and to track property transactions. (A blockchain is a public ledger that is digitally distributed and decentralized across a network. It has no central data store or administrative functionality.)
Conclusion
Overall, technology is making title research much more efficient and less time-consuming. Tasks that once took days and weeks can now be accomplished in a matter of hours without compromising the quality of the work.
And that’s a good thing! This technology benefits the real estate industry by reducing transaction costs and speeding up closing timelines.
To be sure, AI and other technological advances cannot fully replace the expertise of skilled title researchers. Instead, it is transforming title researchers work for the better.
Leveraging these innovations, helps drive progress in a title industry that was historically paperbound, and allows for quicker closings!
When you’re ready to close on your new home, turn to Lilly Title & Settlement Company. We’re a woman-owned title and settlement company in Staunton, VA. We’ll get your property closed quickly, efficiently, and accurately!
And that’s a good thing! This technology benefits the real estate industry by reducing transaction costs and speeding up closing timelines.
To be sure, AI and other technological advances cannot fully replace the expertise of skilled title researchers. Instead, it is transforming title researchers work for the better.
Leveraging these innovations, helps drive progress in a title industry that was historically paperbound, and allows for quicker closings!
When you’re ready to close on your new home, turn to Lilly Title & Settlement Company. We’re a woman-owned title and settlement company in Staunton, VA. We’ll get your property closed quickly, efficiently, and accurately!
RSS Feed