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A Title Search
The first step in obtaining title
insurance.
That's when a detailed examination of the
public records concerning the property is made, including deeds
civil and probate court records, judgments indexes, tax records,
etc.
The purpose of the title
search:
To determin... the seller's rights
to transfer ownership.
To Discover... any claims, errors,
assessments, mortgages or other burdens or restrictions on the
property.
A title search... is carried out by
your searcher. The searcher prepares an abstract to report all
matters and transactions affecting the property. The abstract
is then submitted to the title insurance company to be underwritten.
If a claim is ever made against your
property... notify the title insurance company immediately, in
writing. Include with the letter, copies of all related
letters and documents.
The company will do one or more of the
following...
Pay the
claim against your title.
Defend a
court case related to the title.
Negotiate
with the other party to settle the claim.
Pay legal
cost incurred in defending the title.
How much does title insurance cost?
You pay a one-time premium for coverage that lasts as long as you
own your property, or as long as you may be liable for any title
warranties you make. |
