Property Tracing Services
Property tracing services, like all forms of asset tracing, are used to support various forms of litigation and determine ownership for any assets of interest. These services may be required during divorce proceedings or probate, for example, where they can uncover and identify additional property.
Forensic accounting experts are well equipped to provide property tracing services, given their skills and access to specialized research tools. Further, forensic accounting experts are familiar with the legal boundaries that their industry must operate in, so all research is performed legally.
What Do Property Tracing Services Include?
Property tracing relies on expert, detail-oriented methods that only experienced professionals are equipped to provide. For the most part, this means document and database analysis, which may include:
Title searches, including chain-of-title searches
Property tracing experts spend a lot of their time determining ownership through various title searches. Information sources include county recorder offices and courthouses, as well as local tax assessor records. While searching these document databases, property tracing experts will check for any mortgages, deeds or other title documents that could confirm asset ownership.
Further, a forensic accounting expert can determine the chain-of-title for a particular piece of property. During chain-of-title analysis, the asset’s ownership history is mapped out and every previous owner is identified. This may be vital in cases where due diligence is a big part of the process, like when selling a property. For instance, property tracing uncovers any unusual gaps in ownership that may interfere with the transfer process.
Property tracing experts may also search title insurance company databases, as these include records of any disputes or legal challenges involving the property. As such, they can serve as a valuable, corroborative source of information.
Online government and historical databases
Although the pace of digitalization is generally slow among government agencies, there has been a lot of progress in migrating property records to online databases. This includes local and municipal governments, as well as certain historical societies.
Governmental and historical databases are a nexus of information for property tracing experts, who access these databases to bring up title documentation, land surveys and other records to help contextualize a property’s history. For example, newspaper archives may include relevant information about a property’s history and usage.
Land registry systems and maps
Land registries maintain up-to-date information on property easements and boundaries, as well as any zoning specifics. Using land registry systems, property tracing experts can determine a property’s physical characteristics, which may or may not line up with the property’s description.
Cadastral maps are another resource for property tracing experts, and they serve a similar purpose to land registry records. Specifically, they provide a visual representation of the property, using information derived from survey or government agencies. This data can be used to confirm a property’s physical boundaries or any other features of note.
Probate records
Probate is the official, court-guided process through which assets are passed to beneficiaries. And because it’s public, any details about property, debts and beneficiaries are a matter of public record, too. Probate records also include any supporting estate planning documentation (wills or business succession documentation).
Property tracing experts can use probate records to identify assets of interest and to track any ownership details. This information may be of use to potential heirs or other beneficiaries.
Interviews with knowledgeable professionals
Property tracing services are typically well-networked, as property tracing experts are skilled in forensic accounting and investigation. This professional network may include attorneys, accountants, real estate agents, investigators and, in cases where criminal activity is suspected, law enforcement agencies.
Property tracing experts can leverage their professional network to access additional databases or gather information on a particular piece of property or property owner.
In addition to property and asset searches, your forensic accounting expert can also assist with heir finding and genealogy services, both of which are frequently necessary when performing property tracing. Locating heirs may be necessary to ensure all relevant parties are represented during probate. If a potential heir has a claim to a property, their interest must also be addressed before the property can be involved in a transaction.
Property Tracing Provides Critical Info for Litigation Support and Due Diligence Cases
Whether for divorce proceedings, probate, selling/buying a business or piece of land, property tracing services may be necessary to support these legal processes and ensure all relevant assets are known to all relevant parties.
If you are involved in litigation or a transaction where hidden assets or ownership interests may be involved, property tracing services can identify them. If you are attempting to purchase land or facilities, property tracing services can identify who owns what and whether the stated value of the property is accurately derived. If you believe you have a claim to an estate’s assets, property tracing experts can track down that asset and determine its legal status. If you’re investigating potential fraud, property tracing services can find any hidden assets and support criminal cases.
In short, property tracing is a valuable litigation support and due diligence tool that helps prevent assets from being stolen, hidden, misvalued or otherwise improperly utilized.
