Title Searches in Real Estate
In real estate business and law, a title search is the process of examining public records to determine legal ownership of a property and identify any claims or liens.
The preliminary report includes the owner’s name, property description, and exceptions to the title policy. Certain exceptions must be resolved before issuing a title policy.
Ownership Transfer and Title Policy
When selling a property, ownership is transferred to the buyer, who receives a new title indicating ownership. Issues found during the search must be resolved before finalizing the transaction.
Conducting a Title Search
Home title searches can be done by visiting the county clerk’s office, but it is often recommended to use professionals. A clean title is essential for completing real estate transactions.
Purpose of an Abstract for Property
An abstract provides an overview of a property’s legal history, including transfers, owners, liens, and legal actions. It helps ensure clear title without debts or claims, offering peace of mind to buyers.
Difference Between Title Search and Title Abstract
A title search determines legal ownership, while an abstract summarizes a property’s legal history including previous owners and liens. Abstracts give a deeper property history and are more comprehensive than searches.