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In real estate business and law, a title search or property title search is the process of examining public records and retrieving documents on the history of a piece of real property to determine and confirm property's legal ownership, and find out what claims or liens are on the property. [1]
There is generally added to these a catch-all category of "other instruments affecting the title to real estate". These statutes also list technical requirements, such as whether acknowledgements before a notary public are required (the great majority) or witnesses must also sign the document (rarer). The effect of failure to record.
A title search is mandatory for any real estate transaction that requires title insurance. This includes homes purchased with financing, as mortgage lenders require a title search in order to ...
The "chain" runs from the present owner back to the original owner of the property. In situations where documentation of ownership is important, it is often necessary to reconstruct the chain of title. To facilitate this, a record of title documents may be maintained by a registry office or civil law notary.
An abstract of title should be distinguished from an opinion of title. While an abstract states that all of the public record documents concerning the property in question are contained therein, an opinion states the professional judgment of the person giving the opinion as to the vesting of the title and other matters concerning the chain of ...
Closing preparation: During closing prep, any title issues discovered during the title search are cleared up. [6] A day or two before the closing, the settlement agency will produce a series of documents called closing documents or a closing package that the buyer and seller will sign at the closing. [7]
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