A [b:6650189173]title search[/b:6650189173] involves the review of the public records and legal documents related to a property. It helps to determine whether the property is free from title defects like unpaid taxes, pending mortgage payments, judgments against the seller and other liens.
Generally, the title company conducts title search on the property. Title searches are required whenever you purchase or sell a property, take a mortgage loan against the property, [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan or apply for a building permit.
[*:6650189173]Whether the ownership of the property is joint tenancy
[*:6650189173]If the seller has not paid off the mortgage loan against the property.
[*:6650189173]If there is any charge against the title to the property.
[*:6650189173]Whether the property has any easement on it, for example the right to install pipelines or telecommunication lines.
[*:6650189173]If the property has any building lien on it, that is, the owner has not paid the contractor after he worked on the property.[/list:u:6650189173][b:6650189173]Importance of title search: [/b:6650189173]
A title search determines if the person selling a property has the right to sell it or the purchaser has the right to buy the property. This helps the buyers as they are assured that they are buying the property from the legal owner. It also makes the lenders aware of certain problems that may affect the title to the property.