A big part of any real estate transaction before closing is a Title Search. But what exactly is it and what does it entail?
Simply put a title search is a search or detailed examination of the historical records of any particular property. These records include deeds, judgments and previous mortgage information just to name a few.
The purpose of this important search is to verify that the seller of the property has the legal right to transfer ownership to the new owner or if there are liens or judgments that will prevent the property to change ownership.
Title searches are not only necessary for most real estate transactions but are very thorough. There are some instances though where issues are not found in a title search. For example, declaring a previous marital status that is inaccurate. There is also the potential that fraud or simple confusion due to similar or identical names may not be caught during a title search.
If these defects arise after closing on a property, it could jeopardize your right of ownership. That’s where title insurance comes into play which will prevent that from occurring.
For more information on title searches and title insurance contact us at Alliant Title & Escrow. We would be happy to help.