A Title Search is performed when a property changes hands to ensure there are no liens, mortgages, or judgments against the property. The title search will also reveal any easements, restrictions, or leases which could impact ownership rights.
Title searches are not required by law, but if buying a property, you would be wise in having one done. When obtaining a loan for a property, the lien-holder will certainly require a title search be performed by a qualified third-party.
In most cases, the buyer will foot the bill for the title search, though in some instances the lender will assume the cost. Much depends on the loan arrangements and your relationship with your lender.
Easements are any restrictions on property which were put into place before a sale. These typically have to do with utilities or throughways and often restrict intended changes to a property.
Title insurance is issued to protect a buyer in the event something unforeseen arises after the sale which could affect the purchase.
If buying a house for cash, you do not need title insurance though getting it is a good idea. For instance, if the person from whom you are buying the house has a judgment pending for a situation involving the property and you buy it, you may be held holding the bag on the judgment as well.
When selling a house a title company does not have to be used by law, but doing so is wise so that all forms required are properly completed and filed.
This depends in part on the bank. Once final payment is transferred to the loan institution, they could have the title before close of day. The typical Motor Vehicle Department typically takes up to four weeks.
A title is an official document identifying a property and the owner of the property. It is a document which is required nationwide when parties sell certain properties such as land, buildings, automobiles, planes, and similar items of relatively high value.
Escrow involves the holding of a bond, title, or deed by a third-party until the fulfillment of an agreement between the other parties.