REAL ESTATE "A TO Z": WHAT IS A TITLE SEARCH AND WHAT IS IT USED FOR?
Monday Nov 14th, 2022
A title search, also known as a property title search, is conducted on homes to retrieve important details before a real estate transaction is completed. These details could include things such as whether the seller is the legal owner of the property, what restrictions or allowances apply to the use of the land, what payments and taxes still remain on the property, and any previous financial transactions linked to the property. A title search is typically performed by a real estate lawyer on a buyer’s behalf, but experienced buyers may also perform a title search themselves. Either way, it’s best practice for buyers to review land ownership documents before making an offer on a property. Searches can be done online, at a land registry office, or documents may be requested by mail. You’ll need to collect some information about the property before you begin your search, such as the street address or title number. Depending on the types of searches that are conducted, fees will apply. Though not strictly necessary, buyers should generally purchase title insurance to protect them against forged documents, identity fraud, and falsehoods in surveys and public documents.