What is a Title Search?

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A title search is a process which is designed to detect all liens, mortgages, easements, encumbrances and restrictions affecting the ownership, use and enjoyment of the property you are about to purchase. It is usually performed by the title company conducting the closing for your Lender. In the State of Maine, you have the right to select your own attorney or title company to provide that service for you as well as issue title insurance for the transaction. A thorough title search is the only way to determine what liens need to be satisfied at closing in order to avoid future claims against the home or land you are purchasing.          Why should I buy title insurance if the title company does a title search?   There are some important differences between a title search and a title insurance policy. First, title insurance can provide protection over issues that are simply beyond the scope of a title search – things such as insuring vehicular access, paying damages for forced removal of structures and even certain post-closing protections that a title search alone just does not address. Further, the person performing the title search may only be responsible to you for losses resulting from their own negligence or fraud. Title insurance provides protection, regardless of whether anyone is at fault. A title insurance policy is based upon a report of title after a search is conducted that meets the insurance company’s standards. If you are financing your purchase, your lender will require you to purchase a lender’s policy. The title company will offer you an owner’s policy for your own protection.

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