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TITLE SEARCH & TITLE INSURANCE
Title company conducts the title search and see the chain of title on the property. It also makes sure who has ownership on the property. Title information is a public record and you can also check it for yourself at the county record office. The purpose of title search is to find who owns the property, history of ownership and to find out what liens or if there is any unpaid debt on the property. If you get the property without knowing there is unpaid property tax, for example, you will be liable. If the owner files for bankruptcy, IRS lien can take over property tax or other tax liens.
Title insurance insures any future claim or liability against the the title on the property. It ensures that title insurance will be responsible for any other future lien claims and damages regarding title, and pay the buyer. Even though title insurance may be an expense, it can save you from liability.
Want To Learn More About Title Search and Title Insurance?
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