When you buy a home, you the buyer will most likely hire a Title/Escrow company to assist with the Title Search and Conduct the Closing. So, just what is a Title Search you ask? Well I always let the experts explain things so I contacted one of our local Title and Escrow companies here in Portsmouth, NH and ask that question. As always they respond quickly and here is their description…
…A basic explanation of a title search is: Title to real estate means the right to or ownership of the land; it represents the owner’s bundle of legal rights. Title also serves as evidence of the ownership, but it is not an actual printed document.
“A title search is an examination of the public records to determine whether any defects exist in the chain of title. The records of the conveyances of ownership are examined, beginning with the present owner. Then the title is traced backward to its origin (or 40 to 60 years or some definite period of time, depending on state statute).”
The reason why this is done is to prove marketable title. “Under the terms of the typical real estate contract, the seller is required to deliver to the buyer marketable title to the property. Proof of ownership is evidence that title is marketable. A deed is not considered sufficient evidence of ownership. So, a certificate of title, or title insurance, is commonly used to prove ownership. The certificate of title certifies the condition of the title based on an examination of the public records – a title search”.
If you have any questions regarding Title, the folks at Signature Title and Escrow are always willing to talk to you here is there link. http://www.signaturetitle.com/