When the ownership of a piece of property changes from a seller to a buyer, the moneylender or the bank must request for a title search. If there are any defects in the title of the property, the title search will reveal them. The title search is designed to protect all the stakeholders involved in the property transaction process. These include the buyer, the mortgage holder, and the bank. It is initiated by the money lending organizations and mandatory.
The main base for the title insurance is to get from the searching for public records. This process usually includes visits to the clerks of the courts, registers of deeds or the offices of records and other officials. In the title search, the title search services companies look in the records or special taxes and levies, street and sewer system assessments, judgments, mortgages and several other matters.
In many jurisdictions, the information about liens against property and information about a piece of property may be filed in different manners. They can be filed by the street address, or by lot number, or under the owner's name or with the seller's name. So, it becomes more cumbersome process. To reduce the burden of title search process, many title services companies have created its own title plants. The title plants contain virtual data and information. It is same as the county records. The title companies, however, make it indexed in a consistent matter like lot number and name. With this title plants, the title searches can perform more accurately and quickly. In most of the major metropolitan areas the title can be searched by the companies and issue the title insurance within twenty four to forty eight hours.
In the early stages of land transfer, title services companies involvement is a good idea. This is because they can solve some property related disputes. For example, the buyer bought a two acres of land. That land was part of five acre tract at once before and it has a deed. In this prior deed to the five acres, the property usage is restricted to the usual out buildings and a single family dwelling. In the original tract of the other three acres already have a single family dwelling. Then there is a question as to whether the new two acres purchaser could build a home in his land. With the assistance from the title services company, from the appropriate parties concern releases were obtained to remove the problem. Then allowed to house to built.
Once a while the title problems may become very serious and it is not proceed with the transaction in most prudent course. For instance, a buyer was about to the close his purchase when title search revealed flood, utility, pipeline and the road easements across property. It would have severely limited his use of the property. The buyer declined to continue with transaction when these findings became known. These problems are uncovered only by the title search.
The main base for the title insurance is to get from the searching for public records. This process usually includes visits to the clerks of the courts, registers of deeds or the offices of records and other officials. In the title search, the title search services companies look in the records or special taxes and levies, street and sewer system assessments, judgments, mortgages and several other matters.
In many jurisdictions, the information about liens against property and information about a piece of property may be filed in different manners. They can be filed by the street address, or by lot number, or under the owner's name or with the seller's name. So, it becomes more cumbersome process. To reduce the burden of title search process, many title services companies have created its own title plants. The title plants contain virtual data and information. It is same as the county records. The title companies, however, make it indexed in a consistent matter like lot number and name. With this title plants, the title searches can perform more accurately and quickly. In most of the major metropolitan areas the title can be searched by the companies and issue the title insurance within twenty four to forty eight hours.
In the early stages of land transfer, title services companies involvement is a good idea. This is because they can solve some property related disputes. For example, the buyer bought a two acres of land. That land was part of five acre tract at once before and it has a deed. In this prior deed to the five acres, the property usage is restricted to the usual out buildings and a single family dwelling. In the original tract of the other three acres already have a single family dwelling. Then there is a question as to whether the new two acres purchaser could build a home in his land. With the assistance from the title services company, from the appropriate parties concern releases were obtained to remove the problem. Then allowed to house to built.
Once a while the title problems may become very serious and it is not proceed with the transaction in most prudent course. For instance, a buyer was about to the close his purchase when title search revealed flood, utility, pipeline and the road easements across property. It would have severely limited his use of the property. The buyer declined to continue with transaction when these findings became known. These problems are uncovered only by the title search.
