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Title is a legal term for an owner’s interest in a piece of property. It may also refer to a formal document that serves as evidence of ownership or the history of ownership and documentation that affects the title during the period of ownership. Lenders perform title searches on a property for purchase transactions and
The process of verifying property ownership and checking all the records relating to the title to see that it doesn’t have any liens or claims against it that would keep it from being transferred.
When the buyer of a property secures a mortgage for financing, one of the costs of obtaining the loan is title insurance. At the time of the purchase there is usually two different policies. One is the owner’s policy and protects the new homebuyer against defects in the title of the property. Defects are usually
A property diagram that indicates legal boundaries, easements, encroachments, rights of way, improvement locations, etc. Surveys are conducted by licensed surveyors and are normally required by the lender in order to confirm that the property boundaries and features such as buildings, and easements are correctly described in the legal description of the property.
A deed transferring ownership of a property but does not make any guarantee of clear title.
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