A title search occurs when a title company or a homeowner searches public records for all the information they can find on a specific property. A title search may turn up liens and easements on a property or other information that could affect the sale of the property. A title company performs a title search during the home purchase process, prior to closing.
Title insurance protects you and your property. A title insurance company runs a title search before issuing a policy. A title search means looking at public records relating to your property and tracing the chain of ownership. What documents are included in a title search?
Can a lender foreclose on a home before a deed in lieu of foreclosure can be finalized? A title search can delay a deed in lieu of foreclosure process. In addition, whatever the title company finds during the title search can affect the deed in lieu of foreclosure. How does having a name on a title but not a mortgage loan affect a title search? Another reason a deed in lieu of foreclosure may be delayed is that lenders are swamped with similar situations.
A brother helps his family buy a home in exchange for 10 percent of the property. He never received paperwork at the time of closing documenting his stake in the property. His name was never added to the deed and now he's not sure how to proceed.
Is a general or special warranty deed better for selling property? When selling a residential property, the type of warranty deed you use, or title, isn't so important. A special warranty deed is usually used for commercial real estate sales. During the home sale process, a title company will run a title search and discover any problems with the deed or title. Usually a general warranty deed is used when selling a residential property.
Before you go to closing, ask about your title insurance protection, and be sure to protect your home with an owner's title insurance policy. Just because there is a title commitment does not guaranty that the seller can convey "good" title to a buyer. If the title company has done a good job searching the title to the property, you, as the buyer, will have a good understanding of the issues that will affect your title.
When you're buying a home your lender will likely ask you to buy title insurance. Title insurance covers the cost of a title search to make sure you have a clear title. Title insurance protects the lender in case it's later discovered that there's a problem with the title. When you're buying a home, it's a good idea to get an owner's title insurance policy too to protect you.