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Title insurance companies attempt to achieve this by searching public records to develop and document the chain of title and to detect known claims against or defects in the title to the subject property. If liens or encumbrances are found, the insurer may require that steps be taken to eliminate them (for example, obtaining a release of an old ...
In exchange for insurance premiums, the title insurance company conducts a title search through public records and provides assurance of good title, reimbursing the insured if a dispute over the title arises. [13] In the case of vehicle ownership, a simple vehicle title document may be issued by a governmental agency.
The search is typically performed by a title company or attorney and can take between 10 to 14 days to complete. Title searches can be more complicated on older homes than new homes, as they have ...
Title issues are not common, but if the title search uncovers one — or if it doesn’t, but one comes up later — there can be considerable legal costs. This is where title insurance comes in.
LandAmerica Financial Group, Inc. was the third largest title insurance group in the US. It was incorporated in 1991 as Lawyers Title Corporation, and renamed LandAmerica after Lawyers Title acquired Commonwealth Land Title Insurance Company and Transnation Title Insurance Company in 1998. It was headquartered in Glen Allen, Virginia.
It is often the case that people choose to contact a title company or attorney to conduct an exhaustive title search. The process of performing a title search involves accessing the official land records for the subject property. Each record is a document evidencing an event that occurred in the history of the property.
Agents may also assist the buyer in coordinating necessary inspections, negotiating any needed repairs, and facilitating the transaction by working with the lender, listing agent, title company, and in some areas a real estate attorney. [3] The buyer's agent acts as a fiduciary for the buyer.
For example, a lender advertising a home loan might have advertised the loan with a 5% interest rate, but then when one applies for the loan one is told that one must use the lender's affiliated title insurance company and pay $5,000 for the service, whereas the normal rate is $1,000. The title company would then have paid $4,000 to the lender.