Title Search – Authenticate the ownership of the Property

Benefits of Title Search
Terminology of Title Search

In the mortgage world Title Search is one of the proven process which is used to check the ownership of the property as well as check the any dispute against the property. Title search is commonly known as the property search because it is the search process conducting on a property to get the right title of the property.

Title search is used to get the clear picture of the property. The person who check the property is called Title Searcher. In the USA, Title Search is very important process to buy or sell the property.

In USA, before purchasing any property the buyer of a property generally buy title insurance through Title Insurance Companies. This Title Insurance defends the buyer from any title problems that may occurs after purchase the property. Title Search also useful in the case of mortgage where bank requires the clear title of the property before giving the loan against the property.

 

Terminology of Title Search
Basically Title search is conduct against the property to clear the tile of the property.

* Determine the ownership of the property by checking current and previous owners of the property.
* Determine any outstanding lien against the property like mechanic lien, mortgages, taxes etc.
* Check for any title deficiencies against the property like easements, real covenants etc.

 

Benefits of Title Search
Basically Title Search is required by the below given area –
* Law Firm
* Insurance companies
* Banks
* Investors or buyers
* Financial Institute
* Loan companies
* Surveyors
* Appraisers
* Real Estate agent

Mortgage – Loan against property

Mortgage is one more type of Loan. In simple term when buyer takes the loan from lender against his/her property, it’s called mortgage. Mortgage is well known as the transfer of an interest in property by owner to a lender as a security for a debt.

Mortgage is a security for the loan that the lender makes to the borrower for a precise period of time.

Mortgage - Loan against property
Mortgage

Parties in Mortgage:
In Mortgage two parties are found.

* Buyer
Also known as mortgagor is the party which takes loan is called buyer.

* Lender
Also knonwn as mortgagee is the party which gives the loan is called lender.

 

Types of Mortgage:
Normally there are three type of mortgages are stands –

* Mortgage
It is the most common type of the Mortgage. In few areas, a mortgage creates a lien on the title to the mortgaged property. Foreclosure of that lien almost always requires a judicial proceeding declaring the debt to be due and in default and ordering a sale of the property to pay the debt.

* Deed of trust
In this kind of mortgage a third party is involved in the instrument called trustee. In here trustee takes the right of foreclosed the property if buyer unable to pay the dues in given time period. In most areas, it also creates a lien on the title and not a title transfer, regardless of its terms. The main difference between Mortgage and Deed of Trust is, it can be foreclosed by a non-judicial sale held by the trustee.

* Security deed
This mortgage instrument only use in the Georgia state of America. Unlike a mortgage, a security deed is an actual conveyance of real property in security of a debt.  Upon the execution of such a deed, title passes to the grantee or lender, however the buyer maintains equitable title to use and enjoy the conveyed land subject to compliance with debt obligations. Security deeds must be recorded in the county where the land is located.