Title Search
Title Search
45 Years of Experience in Jefferson County | Locally Owned
45 Years of Experience in Jefferson County Locally Owned
Protect Your Investment with Title Search Services
Your property research must be comprehensive and catered to your needs to ensure your due diligence is fulfilled when acquiring a new property. Protect your investment with the experienced professionals at Jefferson County Land Title.
Call 812-265-3030 for more information.
Get a Comprehensive Title Search
So, you've decided to purchase a home and hope to take possession as soon as possible. The terms have been agreed upon and all the financial arrangements have been made. But there's one important detail remaining. Before the transaction can close, a title search must be made.
The most accurate description of the title is a bundle of rights in real property. A title search is the process of determining from the public record just what these rights are and who owns them.
A title search is a means of determining that the person who is selling the property really has the right to sell it and that the buyer is getting all the rights to the property (title) that he or she is paying for.
In those transactions where title insurance is involved, the title company must determine the insurability of the title as part of the search process. This leads to the issuance of a title policy, which insures the existence or non-existence of rights to the property.
The title insurance company will, at its own expense, defend the title and will pay losses within the coverage of the policy if they occur. But what exactly, is the process of a title search?
Chain of Title
This is simply a history of the ownership of a particular piece of property, telling who bought it and sold it, and when. The information may be derived from public records, usually found in our title plant or in the county recorder's office.
Tax Search
This is a search to determine the current status of real estate taxes against the property. The tax search will reveal if taxes are current or whether any taxes are past due and unpaid from previous years and show the existence of any special assessments against the land. This is where being close to and familiar with the county courthouse allows us to make short work of obtaining this information.
A due and unpaid tax or special assessment is a prior lien or claim on the property above all others. If a buyer purchases property with unpaid and past due taxes or assessments against it, he or she is likely to find the county putting the property up for sale to pay those taxes or assessments.
A tax search reveals the status of the taxes. Title insurance protects the buyer against loss from unpaid and past due taxes and assessments.
Judgment and Name Search
One of the most important parts of the title search is to determine if there are any unsatisfied judgments against the seller or previous owners which were in existence while they owned the title. A judgment is a general lien against the debtor's real estate and constitutes security for any money owed under the judgment. The real estate can be sold to satisfy the judgment.
It is extremely important to be sure that a title is not subject to judgments against the seller or previous owners. Title insurance provides this protection. A judgment against a person named Smith may affect the title of a seller named Smith, depending on whether or not they are the same person. So, all possible variations of the name must be examined.
Rights established by judgment decrees, unpaid federal income taxes, and mechanic's liens all may be prior claims on the property, ahead of the buyer's or lender's rights. If a judgment is discovered that constitutes a defect in the title, it is pointed out, and the seller must then eliminate it before the title of the new buyer can be insured free and clear of that judgment.
Commitment
When these searches have been completed, the title company issues a commitment to insure, stating the conditions under which it will insure the title. The buyer and seller and the mortgage lender can proceed with the closing of the transaction after clearing up any defects in the title which may have been uncovered by the search and examination.
The mortgage lender is as concerned as the buyer about the quality of the title because the property is to be security for the new mortgage loan. The mortgage lender requires assurance that it has a valid first (or another acceptable priority) mortgage lien on the property. This is not only common sense but generally is a legal requirement of regulated mortgage lenders.
The lender's title insurance, however, doesn't protect the new buyer of the property. Although the land is the same, the interest of the buyer and the interest of the lender are very different. The provisions of a lender's title insurance policy are very different from those of a buyer's policy, so the buyer should obtain his own policy, often issued simultaneously with the lender's policy.
Get the best professional service from our five licensed and knowledgeable title agents.
Call 812-265-3030
"Working with the ladies at JCLTC was a great experience. They were knowledgeable and professional while handling a potentially challenging closing. Communication by JCLTC and all parties were fantastic. The whole process went incredibly smooth and I would recommend them in the future."
Jerry B. Wade, Facebook review