What’s Involved in a Title Search?
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You’ve probably heard of the term title search before, but do you know what’s involved in the process? Or when a title search takes place?
A title search is a process of determining who legally owns a piece of property. This search involves reviewing public records to find that information. The title search process takes place before the closing of a home purchase occurs.
Let’s take a look at some of the terms involved in the title search process:
Chain of Title
The chain of title is the historical ownership of a piece of property.
Tax Search
This search is conducted to identify the current state of property taxes.
Report on Possession
This is an inspection report to confirm that all property easements are properly recorded.
Judgment Search
During this search, the title company is looking for any unsatisfied judgments against the sellers. These judgments must be satisfied before title insurance can be issued to the new buyer.
Commitment
This is a commitment to insure which is issued by the title company. This document will state the conditions under which the title can be insured. Once all outstanding conditions are resolved, title insurance can be issued to the buyer.
