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Understanding Title

What is Title?

Title is the evidence of right, which a person has ownership and possession of land. Title Insurance is used to protect an owner or lender against loss in the event of a property ownership dispute. A defect in the title can be any legal right held by someone besides the owner to claim property or make demands on the owner of that property.

 

How Does Title Insurance Work?

Before title insurance is issued to the new owner or a lender who will be issuing a mortgage on the property, a title examination of the property must be conducted. This examination of title includes a search of numerous public documents, including prior deeds, encumbrances, tax records, court judgments and federal and state records. The agent is looking for items like prior mortgages, mineral interests, ownership interest, judgments, liens, easements, special taxes and numerous other matters that could affect the status and marketability of title. Once the search is completed, the agent will issue a title commitment that will reflect any outstanding items or items of concern that must be addressed before clear title and a final policy will be issued.

This final title policy is assurance to the land owner that all rights of ownership comes to them at the time of purchase of the property and remain with him for as long as he has an interest in the property. If the landowner encounters a defect with the title, the insurance policy is there to protect his interest.

 

 

 

         

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Colby, Kansas

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