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What is a title search? A title search is a complete review of recorded documents regarding a specific piece of property. A title professional performs analysis of all documents, including history of ownership and any overlaps or other items, to avoid future disputes. You must take "free and clear" title to take ownership of a property, and must take title insurance if purchasing with a mortgage. Both require a title search as the first step. What is shown in a title commitment? A title commitment can show a wide variety of items which affect the property involved. Basic items typically include: mortgages (loans secured by the property), covenants and restrictions (which describe how the property is to be used), and easements (rights of other parties or utilities to use a portion of the land). These items are only a few examples of what may be shown. Always discuss with your real estate agent or lawyer before receiving a title commitment. How long does the entire title work process normally take? Allow several weeks for thorough research and processing of title insurance policy. The title company works to meet the timeline set out in your real estate contract. What items should I provide to the title company? All documents relevant to the property and real estate contract such as plats, covenants, easements, mortgage, and escrow account records. What happens in a typical closing? Seller, buyer, agents, and title company meet. Account totals for escrow are totaled, final contracts signed, copies given to each party, and checks and deed exchanged. Do I have to pay a yearly fee for title insurance, like my auto insurance? You pay a title insurance fee only once, and carry the policy for the entire time you own the property in question. |
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