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Is A Title Search Company Insured Against Errors?

Posted by AdminGalvan on October 8, 2021
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Property owners know that there is a lot involved when it comes to title insurance. Whether it’s for a residential or commercial building, you want to ensure that it does meet the standard, which is why you want to work with a professional title search company to put your worries to rest. 

Not sure what is involved in securing a title search and insurance for your property? We have consulted with experts in the business to provide you with all there is to know to get you started on the right foot. 

What is a Title Search?

In the real sense of the word, a title search is a professional examination of public records to determine and endorse the rightful ownership of a property. This is a significant move to take for anyone interested in buying a property. You don’t want to spend money buying your dream home only to be drawn into a legal battle over the ownership of the property. 

The correct procedure is to examine the property’s history, double-checking all documents available to determine the claims or liens on the said property. In today’s real estate market, where countless listings are flooding the market daily, it will be normal to think that not all of them are without dispute. 

There have been cases where said building ownership could be contested amongst siblings or even divorced couples, and if you are someone who hates drama, you surely want to avoid such scenarios. 

Why you Need to Perform a Title Search on a Property

It is not enough that you are sure of the rightful owner of the building in question. You also want to be sure that there are no outstanding debts that you will when you become the new landlord. Previous homeowner’s association bills, property taxes, and home improvement bills could quickly put a dent in your new status as a landlord. 

This is why a title search and title insurance is a must check when interested in buying property in any location. You can find on this website the necessary steps to take before purchasing a home. 

What to Know About Title Insurances?

Ideally, title insurance serves as protection for homeowners in the case of a bad title when things go sour with a building purchase. Let’s face it, you can’t always be sure about the legality of a building sale, and if you are serious about following through with the purchase, title insurance can safeguard you in the case of any legal battle. 

This legal document helps protect you from all the usual issues that arise when there is a battle for property ownership. And when it comes to common claims against a building, below are cases that top the list 

  • Back taxes
  • Outstanding liens
  • Conflicting wills

It will be a big blow to your plans after putting a down payment on a building only to find that the person you purchased it from doesn’t have a legal claim to the property. This can be avoided by investing in a name insurance claim, and this is where you will need to work with a title search and insurance company. 

Is A Title Search Company Insured Against Errors?

Okay, this is one tricky question. But you have every right to wonder if a title search company is insured against errors. And since they say that no one is above mistakes, what happens when your title insurer makes a mistake regarding their claims on a property? 

In the real sense of it, you will be safeguarded against such occurrences. This is because the best service providers know the right places to look when checking claims on a title. They go back in time, searching through all available public records and consulting with industry experts. This usually includes lawyers, departments of the public bureau, and even contact other family members to ensure that the asset in question belongs to the parties selling it. 

And if you are wise enough to stick to name insurance, you have nothing to lose in case someone comes afterward laying claim to the ownership of the property. And if anyone does come along causing trouble, you have legal documents that back your claim as the property owner.  

How to Find a Title Search and Insurance Company?

The internet could be an excellent place to start if you have no one to consult on the issue. But you want to avoid dealing directly with real estate companies looking to get you to commit to a down payment. What is the assurance that they won’t go and get their cronies to ascertain that there is nothing wrong so they can make away with their percentage from the property sale? So you are better off working with a separate outfit for this purpose. 

You can also check with lawyers, bankers, and people in the legal and financial trade if they know anyone they can refer you to for assistance. And if you will be using the web, endeavor to look through reviews about the success of other clients who have worked with them in the past. This link https://www.thebalance.com/top-reasons-to-hire-a-real-estate-agent-1798906 has more on hiring a real estate agent when looking to buy a new home. 

Frequently Asked Questions

It only fits that you may have some questions regarding name search and insurance. Below are answers to a few questions that are top on the list for potential property buyers regarding legal claims to a property and a name search. 

How Much Does a Title Search Cost?

While there isn’t a set fee for this procedure, it will cost no less than 0.5% of the entire cost of the property if you are looking to investigate the legality of the seller. You can always discuss with your agents to determine how much it will cost to get it done. 

Who Performs a Title Search?

It is the responsibility of an attorney or a company solely in the business of performing property claim searches. They will be the ones to carry out the investigations and make sure that you are not getting into any risk. 

How Long Does the Procedure Take?

This will depend mainly on the number of documents available to be scrutinized. It could also be that the experts need to consult with different parties for their own findings. Ideally, it could take a few hours, days, or weeks to arrive at a definite conclusion and provide feedback. 

How Much Does a Title Search Cost?

This is based on the city you are searching. But on average, a few $100 should be enough to get the job done. You will have to make inquiries through your attorney to know how much it will cost. 

 

 

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