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What is a Title Report?

Legal title, or just “title”, is the ownership of the property. Legal title includes the current title holder (the current owner) and the property’s historic title record. A title report is a analysis of the legal title of the property. This means searching public records for current and prior deeds, mortgages and liens against the property, easements, covenants, and other public record searches. Typically title reports include searches for any liens or judgments against the buyer and seller. The title company will then report on the issues they discovery when performing this investigation and provide copies of the documents they reviewed. Title companies or title insurance companies, legal services companies, and private investigation firms often provide title reports, with title and abstract companies producing most reports. 

Title reports are typically divided into two sections, Schedule A and Schedule B. Schedule A lays out information about the property and the proposed title insurance policy. Schedule B are the exemptions from title coverage, unless they are disposed of prior to closing. 

What is a Title Company?

Title companies, also known as title agents, refer to firms that perform title investigations and reports its findings in a title report. Some title companies in New York are: First American, Royal Abstract, Madison Title Agency, TitleVest, and the Langdon Title Agency

What is Title Insurance?

Title insurance companies, otherwise known as title underwriters, issue title insurance policies, insuring the property owners or beneficiaries against property title defects and disputes and insure lenders mortgages against invalidity, unenforceability, and lack of priority. Title insurance policies are typically issued by one of four large title insurance companies: Fidelity National Financial Title, First American Title, Stewart Title, and Old Republic. These four national companies issue over 80% of all title policies in the United States. 

What is a Contin or Bring-down Search?

A contin search otherwise known as run-down or bring-down searches, are follow up title searches near the date the parties are expected to close. The purpose of contin searches is to see if there is any new information concerning the property since the date they previously performed the title investigation. Contins are typically performed 1-3 days prior to closing. 

 

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