Understanding title terms
What is a title search? What is title insurance?
The custom in our market area, the Mahoning Valley, and the counties it encompasses, is that a seller will guarantee his/ her respective title to the real estate he / she will be conveying to a new buyer is free and clear of liens and encumbrances.
To issue title insurance, the search must be searched or reviewed by an expert title researcher / examiner. They examine all of the different court documents , filings at the recorder’s office and more. Based on the findings they collect, a title insurance policy can be issued.
Title insurance covers all issues in the future possibly missed during that search of public records or possible flaws in a title that could occur that was not detectable via a visible search. Every buyer who purchases a home certainly wants to know the real estate he / she is purchasing is free and clear.
Title insurance is required by most lenders, and it is something a buyer should want and should demand. Purchasing the American dream, a home, needs to be protected, and it is one of the most expensive purchases you will make in your lifetime.
Sellers, you certainly want to make sure the title you are conveying is warranted for that new buyer. All of this done for you by a real estate attorney who has the ability or has an insurer who can warrant or insure the title.
In closing, just remember that your Realtor can assist you in locating a real estate attorney who can issue a policy for your protection as a seller conveying title. As a buyer, it gives you security knowing your real estate is warranted and protected.
Reach out to a local Realtor with questions you may have. Selling or buying, the process is detailed. Realtors are the resource to assist you in answering those numerous questions you may have, rules and regulations that are required by the state and federal government, or assist you in helping you locate a real estate title attorney to search your title and escrow your closing.
Marlin Palich is the 2019 president of the Warren Area Board of Realtors.