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Title Insurance and Fees Title insurance is intended to protect and mitigate any risk of defects that may be present in the title but remain undisclosed or undiscovered prior to acquisition of the property, including fraud.

Title search is a tedious process which requires thorough examination of property records to establish ownership of the property owner in question, track any outstanding mortgages, liens, judgements and unpaid taxes against the property along with any restrictions like easements and real covenants.

Generally, title verification is conducted by a real-estate attorney or a professional title search company and after that a report called 'Abstract of Title' or 'Title Search Report' is produced on the basis of verification.

Although lender's title insurance is mandatory unless you're paying for your house in cash owner's title insurance isn't.For example, you may have to hire a lawyer to dispute any ownership claims; or if the previous owner didn't pay their property taxes, you'll likely have to foot the bill.

Title Commitment The document Charter Title discloses to all parties connected with a particular real estate transaction of all the liens, defects, and burdens and obligations that affect the subject property.

What's the difference between a title search and title insurance?Title search is the background check on the property. It's the process of investigating your property's history. Title insurance protects the lender and buyer from title disputes and guarantees, in a way, the results of the search.

Having an exhaustive title search performed by an experienced professional will establish a clear, marketable title by revealing any outstanding claims prior to the transfer of title. Without title insurance, the new owner will be liable for these claims after closing.