Knowing who owns a property in the world of real estate can open doors to many opportunities. Be it a CRE broker, developer, investor, or simply curious, knowing how to identify property ownership is priceless. From buying a dream property to developing investment portfolios, this information is usually the starting point of great feats.
But sometimes, it’s not that easy. Commercial property owners often operate through business entities, which makes them harder to find than residential property owners. In this article, we address the challenges, legalities, and most effective ways of finding out who owns a property.
Why Would You Want to Identify Property Owners?
Knowing who the property owner is can be crucial in many scenarios in real estate:
Buying or Leasing Property: If you will buy or lease a commercial property, knowing who the owner is makes it easier to negotiate.
Developing Property Portfolios: Investors will seek to purchase property ownership information to find and acquire good properties.
Vacant Land Acquisition: Developers use ownership records to tie up land for redevelopment or investment purposes.
Risk Assessment: Insurance companies and real estate firms use ownership information to evaluate risks and liabilities.
Lead Generation: CRE professionals can use ownership data to generate leads for potential transactions.
Whether for professional or personal reasons, the first step in unlocking the opportunities related to a property is finding its owner.
Challenges in Finding Property Owners
The process of finding the owner of a property, particularly commercial real estate, could be quite complicated because of the following reasons:
Ownership Structures: More often than not, properties are held by LLCs or corporations that conceal the identity of individual owners.
Most owners prefer anonymity, so public records are either incomplete or unavailable.
Legal Restrictions: Privacy laws and/or regulations in some states/countries may restrict access to ownership information.
Outdated Records: Public databases may not have recent changes in ownership, further complicating the process.
9 Ways to Find Out Who Owns a Property
1. Local Assessor’s Office
The local tax assessor’s office is usually a good place to start in the quest for finding property owners. Assessors maintain records on all taxable properties, including ownership, property taxes, and assessments.
Steps to Use the Assessor’s Office:
- Visit the website of the tax assessor’s office or contact their office by phone.
- Using the search option, locate a property by its address, parcel number, or owner name.
- Check the records, which can also have the owner’s name and property tax information.
These records are fairly accurate, however, they may not have changes that have occurred recently or direct contact details of the owner.
2. County Recorder or Clerk’s Office
This is another place where property deed records are held at the county recorder or clerk’s office, which has more reliable information on ownership. Unlike the assessor’s office, the records generally hold legal documents including transfer deeds and mortgages.
Advantages:
- Provides detailed ownership history.
- Free or low-cost access.
- Limitations:
- Records may require manual searches.
- Data can sometimes be outdated.
3. Online Property Records Search
Most counties and states have online databases to help retrieve property records. Even popular sites such as Public Records Now, Instant Checkmate and FamilySearch can be searched for ownership data.
Advantages:
- Convenient and accessible from anywhere.
- Saves time by offering quick search results.
Drawbacks:
- Limited information, especially for properties owned by corporations.
- Privacy concerns and potential inaccuracies.
4. Real Estate Agents and Brokers
Real estate agents and brokers who have gone through the market are very instrumental in providing information regarding property ownership. They subscribe to services such as Multiple Listing Service, (MLS) and other sources of commercial real estate.
Why Use an Agent?
- They can determine if the property is on the market or was recently listed.
- Their networks and expertise streamline the process.
However, it is important to locate brokers who specialize in commercial real estate to ensure better results.
5. Title Companies
Title companies focus on performing title searches to provide property ownership information. They can obtain important details such as transaction history, comparable sales, and liens on the property.
Steps to Use Title Companies:
- Call a local title company and order a title search.
- Review the report received for ownership information.
Pros:
- Saves time with detailed and accurate reports.
- Useful for finding potential legal or financial problems associated with the property.
Cons:
- Title search services can be expensive.
- Information may be static and need to be updated regularly
6. Networking and Personal Inquiries
Occasionally, the old-school method is the most effective. Networking through the CRE world, talking with neighbors, or sending a note to the property can be good ways to gather information.
Networking Channels:
- Local real estate investor meetups.
- CRE online forums.
- Industry trade shows and conventions.
A real estate attorney can also help make contact with the owner while keeping things legal and professional.
7. Commercial Property Databases
Advanced CRE tools such as CoStar, Reonomy, and PropertyShark come in handy when one needs to track down property owners. These platforms provide a full list of owners’ names, transaction history, and market trends.
Key Features:
- Nationwide property lookups
- Detailed reports on property characteristics and demographics
- Integrations with GPS and mobile apps
Drawbacks:
- Subscription-based services that can be costly.
- May require training to utilize.
8. Online GIS Analytics Websites
GIS—Geographical Information System—sites like AlphaMap, display property ownership data in an aesthetic, map format. Those same sites can also be used to gain an overview of land use, zoning, and surrounding businesses.
How to Use GIS Sites:
- Visit a GIS website and search for parcel data
- View map for ownership and property information
- Cross-reference with official property records.
While user-friendly, GIS platforms often come with subscription fees and limited data.
9. Online Property Owner Search Websites
Websites like Whitepages, Spokeo, and Zillow may sometimes yield property ownership information. They aggregate data from public records and make them available online.
Pros:
- Very fast and easy to use.
- Some free options available for basic searches.
Cons:
- Generally less accurate for properties owned by corporations or LLCs.
- Often requires further verification to be sure it is valid.
Legal and Privacy Considerations
Ownership records are public, but the use of such needs to be within the boundaries of local laws and ethical standards.
Key Legal Considerations:
Purpose: Use ownership details for legitimate purposes, such as buying or leasing property, tax assessments, or risk analysis.
Consent: Obtain consent if using the information for marketing purposes.
Data Protection: Secure personal information to avoid legal repercussions.
Non-compliance may result in fines or imprisonment, depending on the jurisdiction. Always consult with a legal professional for guidance on data usage and privacy laws.
Final Thoughts
Finding out who owns a property is one of the most critical steps in most real estate transactions and investments. While it may seem like a daunting task, online records, title searches, and networking have made it more accessible than ever.
From leveraging local government offices to tapping into advanced CRE databases, options abound and cater to different needs. However, privacy should be accorded, and legality should be observed regarding access to information about property ownership.
Combining old methods with the new-age approach of today by using the Internet and traditional networking and research will help you find who owns a piece of real estate, opening whole new dimensions for making deals in that space.
