The best Side of title search service
What is Title Search?
In real estate litigation and legal practice, a title search or title report is the simple process of physically examining public records about a particular property and retrieving related documents to verify and confirm the owner's true and legal title to the property, and gain knowledge of any outstanding claims or liens on the property. For private individuals or entities, this can be done at home, in person, by mail, or by fax. In recent times, internet-based title searches have gained much popularity due to their cost-effectiveness and convenience. You can find many websites that offer free online title searches on various public records databases. They are very helpful when you need to perform a title search for personal reasons like establishing your own identity or protecting your assets or estate.
Most people conduct title searches to make sure they are properly financing their acquisition of the property they desire. By performing this title search, one can discover if there are any encumbrances or liens on the property and, if so, what those encumbrances are. Title insurance protects lenders from incurring unexpected losses after you purchase a property because of errors and omissions in the handling of the purchase process. Through title insurance, lenders are relieved from the risk of incurring expensive losses due to errors in securing financing for a real estate purchase. Title insurance also protects the lender by making sure he gets paid his guaranteed interest if a lien against the property is not lifted after a certain amount of time.
While purchasing real estate, you need to obtain title insurance to protect your interests as well as the interests of the lending institution or the buyer. It serves as protection against any unforeseen losses that may occur during the property's ownership. Title insurance provides security and protection to the buyer as well as the seller. It ensures that the transaction is free of unforeseen problems that may occur due to miscommunication or errors that arise from human error.
The process of what is title search begins when one seeks to have a copy of the ownership. This can be accomplished either at the county clerk's office or through what is called an electronic public records retrieval system. These systems work by pulling the information directly from the current owner's name registered with the specific county where the property is located. Once this information is pulled from the database, it is searched against the title policy that is currently in effect. This will include deeds or property maps.
What is a title search then? It is used by the title examiner who is a representative of the mortgage company to examine the deeds and properties to determine whether or not the seller is legitimate. The examiners will review whether the mortgage company has been paid in full and will make a recommendation on who should own the property based on whether or not the lender was properly paid in the first place. If the lender was not paid in the first place, the title to the property will automatically revert to the lender, and all fees associated will be paid.
If the lender did not pay the mortgage and lien holder in the first place, what is the title search then used again to see who owns the property? One can use this tool to check the validity of liens that are tied to the properties. Some liens cannot be reversed and must be paid upfront. Some liens were not recorded which could prevent the borrower from purchasing the property without the proper title insurance coverage.
What are title searches also used for encumbrances on a property? Encumbrances are caused by something such as an easement or right-of-way. In these cases, the title search service original owner of the property must sue the person who gained the easement or right-of-way. To remove the encumbrances, what is needed is what is called clearing the encumbrances. Title searches can be used in this case to clear the encumbrances.
What is a title search then not limited to financial transactions and ownership of the real estate, it also includes deeds? Deeds are deeds that are signed by title search services definition the owner of the property but not released to the public. These deeds usually include information such as names and other pertinent information relating to the ownership. The information found on deeds can help someone gain access to tax incentives as well. A title search will allow the buyer and seller to find out what is on the deed.