By Jennifer Ferri, owner and operator of Title Junction, LLC
As recently as this summer, some questioned the use of title insurance, suggesting it was an unnecessary expense when purchasing a home. Yet over the last few months, reports that paperwork in the foreclosure process could be invalid have raised questions about the validity of title to foreclosed properties and sparked fear that homeowners who purchased in good faith could possibly lose their home. Read the rest of this entry
What is a title examination, or title search?
Title examination is the most important phase of a real estate transaction. The examination determines whether the title is marketable. It informs the Purchaser and the Lender if the property being conveyed is free and clear of any liens, encumbrances or judgments that may have arisen during prior ownership. It’s a close examination of all public records that involve title (deed) to a piece of real estate. The person conducting the search looks at past deeds, wills, and trusts to make sure the title has passed correctly to each new owner. The examiner tries to verify that all prior mortgages, judgments, and other liens have been paid in full. Read the rest of this entry
Buying a home is a stressful situation in its own right. In between trying to find the right home, in the right neighborhood, for the right price, the type of deed used to transfer ownership of the property often becomes an afterthought. Whether you obtain title by a General Warranty Deed, Special Warranty Deed, or Quitclaim Deed should be an important consideration when purchasing a home. The type of deed used in a real estate transfer is important because it dictates what guarantees, if any, the buyer is receiving from the seller. Read the rest of this entry