What is a title? What is title insurance? What is a title company? Many people are asking these questions and it is coming up even more frequently with the foreclosure mess. Here is a list of definitions taken from Financial Real Estate Handbook Sixth Edition.
- Title – the evidence one has of right to possession of land.
- Title Company – an agency issuing the policy of a title insurance company.
- Title Insurance Company – A company which issues insurance regarding title to real property.
- Title Insurance – Insurance against loss resulting from defects of title to a specifically described parcel of real property.
- Title Order – An order for the search of a title to some parcel of property, eventually leading to the issuance of a policy of title insurance.
- Title Plant – A filing of all recorded information to real property, paralleling the records of the county recorder’s office, although the filing system may be different.
- Title Search – A review of all recorded documents affecting a specific piece of property to determine the present condition of title.
- Defective Title – Title to real property which lacks some of the elements necessary to transfer good title.
- Preliminary Title Report – A report showing condition of title before a sale or loan transaction. After a completion of the transaction, a title insurance policy is issued.
When you have questions related to title, ask a real estate attorney or title company.
Tammy Hayes, Realtor, Sandals Realty, Punta Gorda, FL email@example.com