A title search, for the purposes of real estate, is an exhaustive search of public records and documents evidencing the history of a piece of property. After a title search is completed, a report, referred to as a title abstract or abstract of title is completed. At Dyer Land Title we have extensive experience in performing a title search you can rely on
Why a title search?
A title search is commonly performed to determine the relevant ownership interests or regulations that a piece of land may be subject to. Are there any liens attached to the property, such as judgments, back taxes, mortgages, or mechanic’s liens? Are there any easements or covenants to which the property is subject to? Does an individual have a marketable title or are there other ownership interests in the property? These are all questions that a title search can help answer.
Title Search Vs Title Insurance
What is the difference?
Once a title search is conducted a title insurance underwriter then uses the information contained in an abstract of title, in conjunction with other information, to underwrite title insurance on the property and assume the risk of any undiscovered defects in title to the property.
If there are known defects in the title to the property that are uncovered in a title search, the title insurance underwriter will take exception to those known defects in title. These exceptions are then excluded from coverage.
Comparatively, it would be like trying to obtain flood insurance on a house currently flooded or fire insurance on a house already on fire.