TITLE SEARCH Flashcards
TITLE SEARCH
In real estate business and law, a title search or property title search is the process of examining public records and retrieving documents on the history of a piece of real property to determine and confirm property’s legal ownership, and find out what claims or liens are on the property.
The search consists of public records, laws and court decisions pertaining o the property to determine the current recorded ownership, any recorded liens or encumbrances or any other matters of record, which could affect the title to the property. When a title search is complete, we will issue a Title Commitment detailing the current status of title.
TITLE COMMITMENT
A title commitment is the document by which a title insurer discloses to all parties connected with a particular real estate transaction all the liens, defects, and burdens and obligations that affect the subject property.
A Title Commitment contains vital information which can affect the close of escrow: Ownership of the subject property; where the current owners hold title; matters of record that specifically affect the subject property or the owners of the property; a legal description of the property and an informational plat map.
