Title Searches and title insurance , real estate closings & mortgage closing services
What is a Title Search?
A title search is conducted to primarily find the answer to three basic questions:
- Does the seller have a saleable interest in the property (the right to sell the property)?
- What kinds of restrictions or allowances pertain to the use of the property?
Are there any liens on the property that need to be satisfied prior to closing? A title search may uncover:
- Unpaid taxes or mortgages
- Judgments against previous owners
- Other misc. court actions or recorded documents that can affect title to real estate.
Bronson Abstract Company finds and reports the defects in the title of real estate you’re looking to buy so they can become non-issues, handled BEFORE they become serious problems.
What is Title Insurance?
Title insurance is issued to insure that the property title is, in fact, without past defects that could affect title to real estate. It is your guarantee that the seller has the legal right to sell the property. It does not protect you from future events: only past occurrences. You pay a one-time premium (relatively inexpensive in comparison to total property value covered) to purchase title insurance, with no recurring premiums or payments required.
Here’s a brief explanation of the process:
Before the closing of your real estate transaction, we search public records for all related and/or pertinent official documents, which are then examined for their effect. We then compile a preliminary report, written in the form of a ‘commitment’ to insure, which shows the current status of ownership and any encumbrances. This report provides vital information to all parties with a contractual interest in the transaction. This document will show the current owner, any limitations on the current owner’s property rights, including but not limited to outstanding mortgages and/or utility easements. Our professionals will share which limitations should be removed BEFORE you close to ensure hassle-free ownership experience.