Title search - An examination of public records to disclose the past and current facts regarding the ownership of a given piece of real estate.

A title search will list any liens on a property including any mortgage(s) and any other judgements, or tax liens that may be on the property.

The title insurance will be issued and it will protect you against any future claims or lawsuits on the property from any of the prior owners. Any past liens or judgments that are filed or were not found you are now protected against.

The title search allows the lender to see the history of the property for a specific amount of time. Listed in the title search will be tax information, lien information, ownership history, and any easements that may exist.

Your broker can initiate a title search for you. The broker will simply contact the title company and order one.

There are two different types of policies. The first type covers the lender. The second type is an owners policy. Make sure and ask if you are getting an owners policy, without it only the lender is covered.

Property Title Search - Title search is performed to make sure there are no other unexpected liens and claims than the ones being paid off at closing. Although most title problems, such as unsatisfied mortgages and unpaid taxes can be found through title search, not all title defects are always found.

You should get clarification on what happens when something shows up after the closing...This is not a unique situation, it's not widespread but it does occur...All parties should be aware of their liabilities if such occurs...

Your mortgage professional works with plenty of title officers that will be able to do the research to find any problems with title.

Keep in mind that when refinancing your home, all title liens will need to be paid off. Title needs to be "clear" in order to get your loan financed.

A title search will also show you who is on title to the property. Sometimes, friends, siblings, or other relatives are also listed on title, even thought they don't live in the property. These extra people will normally be required to sign some paperwork at closing.

There are different types of title policies based on loan size. Make sure to ask your mortgage professional if you qualify for all types.

++