What is a title?
A title is the foundation of property ownership.
It is the owner's right to possess and use the property.
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.
Are there any problems that a title search cannot reveal?
Yes. There are some "hidden hazards" that even the most
diligent title search may never reveal. For instance, the previous
owner could have incorrectly stated his marital status, resulting
in a possible claim by his legal spouse. Other "hidden hazards"
include fraud and forgery, defective deeds, mental incompetence,
confusion due to similar or identical names and clerical errors
in the records. These defects can arise after you've purchased your
home and can jeopardize your right to ownership.
What is title insurance?
Title insurance is your policy of protection against losses if any
of these problems - even a "hidden hazard" - results in
a claim against your ownership.