A search of the public records for any defects or encumbrances in a property's chain of title. Title searches are needed so that prospective buyers and secured creditors are not later surprised by ownership disputes that could have been foreseen.
See Recording act, Notice statute, Race statute, and Race-notice statute.
Definition from Nolo’s Plain-English Law Dictionary
A search of the local public land records, usually made by a title insurance company before a purchase of a parcel of real esate, to see whether the current owner of the real estate actually has good title to the land. The search should turn up any easements, mortgages, tax liens, or other liens on the property. If the title search reveals a problem ("cloud on the title"), such as a break in the chain of title, inaccurate property description in a previous deed, or some old secured loan which has not been released, the problem will have to be cleared up before the sale can go through. (See also: chain of title
, title insurance
, title report
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:25 pm