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Date: Aug. 6, 2007
Tags: None
The Title Search and Preliminary Title Report are critical items that are done mostly behind the scenes. You can read more about this here.
The point of it is, "Are the sellers legally able to sell the property and are you legally able to purchase it?" Or is there some old claim on the property from some relative who lived in the house 45 years ago that you would never know about? Is there a lein on the property from a contractor who was never paid for putting in that gorgeous new bathroom?
Title Insurance protects against this, and the Title Search and the Preliminary Title Report is what the insurance policy will be based on. It will protect you and your property, and the bank insists that you have it when you borrow money anyway.
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