Real Estate Tips from Bob Rich-Why Title Search Again?

When you buy real estate, you may wonder why a title has to be searched when it was probably done many times before, especially if it’s an older home. If you are taking out a mortgage, the question is academic. The lender will require a title search to protect its investment. The search will attempt to answer the following question:

1. Is the seller the legal owner of the property? 
2. Is the legal description of the property accurate?
3. Are there any municipal or contractor liens?
4. Does anyone else claim an ownership interest?
5. Are there any easements which could affect property?

The answers to these questions may not always be black and white. To cover gaps, many buyers find it comforting to protect their purchase with title insurance. Title insurance offers protection against court costs and judgments resulting from title defects.