Once you have signed the contract, gotten a home inspection, and you’re ready to close. As you review the closing costs, you see a line for property title search.
It may not be a term you’re familiar with but it’s a critical part to the successful ownership of your new home!
What is a Property Title Search?
A title search carried out by Fusion Title Search generally encompasses documents related to the property filed within the preceding 40 years.
This involves a thorough abstract of past deeds, wills, and trusts to verify the proper transfer of the property’s title across various owners. Our goal is to confirm the legitimacy of the seller’s ownership and to identify any potential financial or legal encumbrances on the property. All covenants, easements and restrictions are also searched on a full title search.
The property title must be clean for ownership to change hands. That’s the whole purpose of the search, to confirm that the current owner does own the property and there are no claims on the property.
How Does a Property Title Search Work?
When closing on a property, a title search is usually requested by a closing attorney or title company. At Fusion Title Search once we’ve received a title request, we start the title search process. We research public records at the clerk’s office and base is completed based on the information found.
We notes if there are any liens on the property, defects, title issues, unpaid real estate taxes or payoffs to be made on the property and any open mortgages.
Also, on a full title search is a listed of all the Covenants, Easements, and restrictions on the property. There will also be a copy of the map including the dimensions of your property.
A Clean Property Title vs. An Unclean Property Title
Besides the examples listed above, there are other possibilities that create what is called a dirty property title.
Erroneous surveys, unresolved building code violations, or the misspelling or misapplied information by the filing clerk are all further examples of the issues that you might face.
How long Does It Take to Complete a Full Title Search in Connecticut?
The time it takes to perform a title search varies and is based on the complexity of the documents with the property in question.
Most property title searches take 24 hours to complete with Fusion Title Search.
What A Property Title Search Can’t Protect From
A property title search is critical to the transfer of real estate ownership. It researches all the legal encumbrances that could possibly cause a problem for the new owner.
If any encumbrances are found, those must be cleared before ownership can be transferred. Title searches can find any title defect that needs to be resolved before the new owner can take possession of the property.
But a title search cannot protect you from hidden defects. For example, spousal claims, fraud, undisclosed heirs, forgery, lost wills, adverse possession, and illegal trusts, to name a few.