Title Search
The purpose of a title search is to confirm a property’s legal ownership and identify whether there are any claims on the property.
The term title search refers to the examination of public records to determine a property’s legal ownership. Title searches involve many sources, such as deeds, tax liens, land records, and court judgments, among others.
When a title is determined to be clean, as is required for any real estate transaction to be completed, the purchase and sale may take place. Transactions cannot be completed if a title search determines there is a lien on the property.
Erroneous surveys and unresolved building code violations are some of the ‘defects’ that may arise stemming from a title search, and could result in a dirty or defective title designation.
A defective title is considered unmarketable. This means that the title—and therefore, the property—can’t be legally transferred or sold to another party until the defect is fixed.
Title Insurance
Mistakes happen, and that is why there is title insurance.
Title insurance can protect the owner and the mortgage lender from financial loss if a title-related problem arises during or after the sale.
The key element of the nature of title insurance is that it protects against claims for past occurrences.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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