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Title Search
A title search is the process of examining public records to determine the legal ownership of a piece of real estate and to identify any claims, liens, or encumbrances on the property. It is a crucial step in real estate transactions to ensure that the seller has the legal right to sell the property and that the property is free of any legal or financial issues that could affect the buyer.
Key purposes of a title search include:
- Confirming that the seller has a saleable and marketable interest in the property.
- Identifying any restrictions or allowances on the property's use, such as easements or covenants.
- Discovering any liens or claims against the property, like mortgages, back taxes, or mechanic's liens, which must be resolved before closing.
Title searches are typically conducted by title companies or licensed professionals who review public records maintained by county offices or registers of deeds. These records include deeds, mortgages, easements, and other legal documents related to the property’s history. While anyone with the right knowledge can perform a title search, it is often done by professionals to ensure accuracy and completeness.
In summary, a title search protects buyers and lenders by revealing any potential legal or financial issues tied to a property before a sale is finalized.