Frequently Asked Title Questions
Title is ownership of a property. It gives
the owner the rtight to possess and use the
property.
2. What is title insurance and why do I need
it?
Title Insurance affords protection against
claims from past events that may or may not
be a part of the public records but that can
adversely affect an owner's title to real
property. It also protects agains hidden
title defects such as fraud, forgery, or
missing heirs, that even the most diligent
title search may not discover.
3. Why is transfeerring a title in real
estate different from transferring the title
to other items, such as a car?
Because land is permanent and can have many
owners over the years. Various right in
land may have been acquired by others (such
as mortgages, or mineral, air or utility
rights) by the time you come to own it, even
if the land has never before been built
upon. So, in order to transfer a clear
title to a piece of land, it is first
necessary to determine what rights may
affect it.
4. What is a title search?
A title search is a detailed examination of
the historical records concerning a
property. These records include deeds,
court records, property and name indexes,
and many other documents. The purpose of
the search is to verify the seller's right
to transfer ownership, and to discover any
claims, defects and other rights or burdens
on the property.
5. What kind of problems can a title search
reveal?
A title search can disclose a number of
title defects and liens as well as other
encumbrances and restrictions. Among these
are unpaid taxes, unsatisfied mortgagage,
judgements against the seller and
restrictions limiting the use of the land.
6. Are there any problems that a title
search cannot reveal?
Yes, there are some hidden hazards that even
the most diligent a title agent search may
never reveal. For example, the previous
owner may have incorrectly stated his
marital status, resulting in a possible
claim by his spouse. Other hazards include
fraud, forgery, defective deeds, mental
incompetence, confusion due to similar or
identical names, and clerical errors in the
records. These defects can arise for the
first time after purchasing your real
property and can jeopardize your title to
it.
