What is Title?
What is Title in real estate?
1. "Title" is a term for the exact manner in which you own a home. 2. Title insurance is something you as a homeowner need to obtain when purchasing a home.
1. If a single person were to purchase a home, they would most likely officially own the home as "John Buyer, an unmarried man". The most common way to hold title to a property for a Married Couple is "John and Jane Buyer, Community property with right of survivorship". There are many ways to hold title to a property, some others are joint tenancy or tenants in common.
2. Title Insurance is an insurance policy that covers all the previous transfers of title all the way up to the closing date of the new purchase. So, if there are any issues with some past documents having been filed incorrectly or other potential mishaps, the new homeowners are covered under the insurance policy. During the process, the title officer and the title company will research the history of the property, the sellers in the property, and they will find potential issues with the property like easements, liens. If there's an issue with any of them, they will work with the sellers to get them resolved during the 30-day process so the sellers can provide clean and clear title to the new buyers on closing day.