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    How To Do A Title Search For An Investment Property.

    Firstly, what is a title? The title deed to a property is a document that declares who the owner is. Without the title deed showing his name, the seller cannot legally sell the property. A title search is usually instigated by the buyer or his representative to make sure that he can legally buy the property. It is a thorough search of all public records that involve title to a property over the last 3 or so years. Its purpose is to verify that there are no liens, or claims against a property apart from those due to be dealt with (paid) at the closing, if done for a purchase. It verifies that the seller owns the property and has the legal right to sell it and that any former owners now have no legal rights to it.

    For instance, Bob and his wife Daisy may have both signed the purchase contract, but Daisy may have died, or the couple may have divorced years ago and Daisy either can't or won't sign off. This is considered to be a 'cloud' and must be removed to clear the title. A 'cloud' is something that makes the ownership questionable. Title search should uncover all the possible problems like right of way, mineral rights, power line easements, claims by prior undisclosed heirs or any legal actions that may be pending

    Title search can be quite complicated if the property has been bought and sold several times over the previous years and it is possible that some public records are in error, or that the person searching may miss something, so what can be done about this? Title insurance is the answer.

    Title insurance is a sum of money paid as an insurance policy by the investor to give him peace of mind in case any of the above problems happen. It will pay the legal fees if you have to go to court to defend your title. If the worst happens and you do lose the property, it will pay for your loss up to the amount of the policy. What won't it do?

    Title insurance won't cover defects that occur after the sale, and problems like mineral or air rights and liens are outside the scope of such policies. These are called exclusions and you should find out about them from your attorney.

    The only time you don't have to buy title insurance is when you pay cash for the property. If you are getting a mortgage your lender will want a title insurance policy in his own name. He may require you to have one in your name, too. As the new owner, your policy will cover the property's full price, so you are insured against loss, a very good idea.

    Payment for the title insurance is a one-time fee and must be paid in full. This is usually done at closing and forms part of the closing fee. It is possible to get what is called 'inflation riders' to deal with the increase of the property value. All up, title insurance is certainly worth the cost. It is inexpensive compared to the cost of losing your property to some unforeseen happening like a missing heir turning up out of the blue.

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