In property dealings, the word title more often than not rears its head. For a homebuyer to have confidence in the property he/she is purchasing; it needs to have a clear title. ‘Clear title’ is the designated reference term that indicates that the proprietor or owner of a property does indeed own it at his disposal and will. The term is used to show that the property is without encumbrances, which may be in the form of previous mortgages or any levy from creditors. Without such impediments, a clear title gives the owner of the real property sole and legal ownership over it.
Among the most important milestones, a homebuyer wishing to be a homeowner can take is acquiring title insurance. The title ownership fends off any unwanted circumstances for both the homebuyer and lender if the seller happens not to have a free and clear title for the home. It is typical for your agent to initiate a title policy following the signing of the purchase agreement for the home.
The usual time that it takes for the title policy to be cleared is about ten to fourteen days. It, however, is uncommon for the period to extend past the two-week mark.it should be noted that this period can be affected by several different factors .the process of clearing a title involves the title company via a title professional undertaking a detailed search and inspection. This examination is used to arrive a determination on the precise course of actions to take in a bid to ensure the title. For this reason, title insurance policies may have prolonged durations to be obtained as compared to other kinds of insurance policies.
The title search usually involves meticulous going inspection of public records. This is done to establish the rightful owner of the given property.it also identifies and highlights any shortcomings on the titles. These are what this article calls encumbrances.
If unsolved issues are found as regards the title, a curing period ensues. During this period, the title company works around the unsolved problems and tries remedying them. As this curing period involves the title company, most homebuyers never get to see or even know the quantifiable work that went into clearing their property title for them.
It is essential that before acquiring a property, its title is cleared. This clearing of a title, as earlier on established, might last up to a couple of weeks. This extended duration allows for searches, examinations, and even curing of the title; all processes that go into clearing the title.