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Because position is determined by the record, not by the file. Recording order, intervening liens, a re-recorded instrument or a missing subordination can all put a lien somewhere other than where the seller believes it sits. In a foreclosure, position decides who is paid and in what order, so it is verified against the record rather than accepted from the tape.

A gap between the originator and the current holder - an unrecorded assignment, an assignment from an entity that never held the note, or one executed after a merger without the supporting authority. It matters because enforceability depends on being able to show an unbroken chain. Finding a break before purchase is a price negotiation; finding it during foreclosure is a much more expensive problem.

Each state limits how long a lender has to enforce a defaulted note, and in some states that clock can be started by acceleration. On non-performing paper it determines whether an asset is still enforceable at all, which is why it is checked as part of screening rather than discovered later.

In a tax lien sale the investor buys the delinquent tax debt and earns statutory interest, with the possibility of foreclosing if the owner does not redeem. In a tax deed sale the investor buys the property itself at auction. The diligence differs accordingly - redemption periods and interest rates for liens, title condition and surviving encumbrances for deeds - and both vary considerably by state.

Yes. A 1031 exchange defers capital gains on like-kind investment property but runs on strict statutory deadlines: 45 days to identify replacement property and 180 days to close. Title and lien work on identified replacement property is scheduled against those dates, because they do not move.

Yes. Tape scrub and portfolio screening classify exceptions across the pool, so pricing and exclusions can be decided at portfolio level before asset-by-asset diligence is commissioned on what remains.