title search

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Title Search

In real estate, research done to trace a title back to its original owner or back to some date dictated by statute. A title search is done before the sale of property to ensure that there are no competing claims for the same property. A title search protects the mortgage lender from the possibility that that a competing claim will be honored in court, resulting in a loss. See also: Clean Deed, Quitclaim Deed, Title Insurance.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Title search.

A title search is an examination of property records by a title company or attorney to ensure that the person from whom you are buying a piece of property is its legal owner, and that there are no outstanding legal claims against the property.

Your lender will require you to pay for a title search before the closing, or settlement, on your new home.

The title search consists of a close examination of public records, such as deeds, wills, court judgments, and trusts, to make sure that the seller has the right to sell the property to you and that all prior mortgages, liens, and judgments have been settled.

Sometimes the title search uncovers pending legal actions, undisclosed easements, or even claims on the property by heirs to prior owners. Since title examiners might miss problems and public records can contain errors, most lenders will require you to purchase title insurance at closing to protect their interest in the property.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

title search

A review of all recorded documents that affect title to a particular piece of real property. Ideally, a title search should proceed all the way backward to the original patent (deed) out of the government into the first private owner, or to the root deed, which is the first deed before a statutorily enacted cutoff date for claims.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Although reviewing the title report and survey is an important step, additional information critical to the valuation of a distressed asset, such as property entitlements and environmental condition, often is not recorded on the title or discernable from a survey.
Along those lines, it is important to obtain a title report through the date the notice of lis pendens is recorded.
-Preliminary Title Report with all Transfer/Conveyance information
The title report will raise any Lis Pendens of record against the property, which must be canceled once the lender receives the negotiated payoff funds.
One of the first pitfalls to closing is the lack of attention to the title report. This report sets forth any issues and exceptions that cannot be insured against.
The first seminar, Introduction to Title Insurance, illustrates its usefulness in real estate transactions, how it differs from other forms of insurance and will include the examination of a model title report and address clearance issues that must be resolved in order to proceed to closing.
Technology and the Internet are transforming the data searching and title report generation process.
After the publisher made a deal with the buyer, the attorney discovered the title report indicated some permits were open and numerous illegal additions and alterations had been made.
Redmond was recognized for his efforts in streamlining the .property and title report process.