The purpose of the title search is:
- To verify the seller's right to transfer ownership.
- To discover any claims, errors, assessments, debts or other restrictions
on the property.
According to the American Land Title Association, title companies find
and fix problems with the title in 25% of transactions-usually without the
the borrower or lender even knowing it! In addition, title companies pay
millions of dollars each year in claims. Title insurance provides
significant value to lenders and homeowners.
Before closing, Realty Title searches the public records for all matters
affecting title. The search entails examining the records in the offices
of the Register of Deeds, Clerk of Courts, and other municipal and county
officials. These records include recorded documents, judgments, liens,
taxes, street easements, sewer assessments, special taxes and other matters
that could affect property ownership.
Through careful examination of these records, we determine who owns the
property and what interests may already exist in that property.
This process, called a title search, provides early warnings of title
flaws that must be dealt with before the property can be sold or
refinanced. |
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