- A set of documents which record the ownership through time of a property. A brief history of the transfers of a piece of land, including all claims that could be made against it.
- A temporary insurance commitment covering a piece of real estate pending closing and the issuance of a permanent title policy. Document stating conditions of the title insurance – a commitment to insure.
- Chain of Title:
- A history of the ownership of a particular piece of property.
- The final step in the sale, purchase or refinance of property where ownership of the property is transferred.
- Commitment to Insure:
- Document stating conditions of the title insurance, also called a binder.
- A legal document conveying title to a property. An instrument whereby a seller transfers ownership rights of a property.
- Flood Insurance:
- If flood determination obtained by your lender indicates that any portion of the property is located within a flood zone, a policy of flood insurance may be required by your lender.
- Hazard Insurance (Homeowner’s Insurance):
- Policy insures property against fire and other casualties.
- Judgment and Name Search:
- Part of the title search. Determines if there are any unsatisfied judgments against the seller or previous owners which were in existence while they owned the title.
- Lender’s Policy:
- Protection for the mortgage holder, so that if there is a fault in title that results in a loss, the mortgage company will be paid back.
- Report on Possession:
- Supplement information learned from the title search. Inspectors verify lot size, location of improvements, evidence verifying recorded easements.
- Septic Tank:
- When public sewers are not available, a property is required to utilize a septic tank system. The system includes hooking up the property’s sewage system to a tank that is buried deep in the ground away from the house. The solid organic sewage is collected in the tank where it is decomposed and purified by anaerobic bacteria.
- Graphical drawing that locates improvements on the land in relation to the property lines, easements, etc.
- Tax Search:
- Search to determine the present status of real estate taxes against the property.
- Termite Letter:
- Letter from licensed pest exterminating company stating that there is no active infestation of termites and that there is no damage from prior infestation.
- Title Insurance:
- Protects a lender or owner against loss in the event of a property ownership dispute.
- Title Search:
- The process of examining all relevant records to confirm that the seller is the legal owner of a property and that there are no liens or other claims outstanding.