Title clearance is the removal of possible problems having to do with the passing of title of your house from the seller to you. In real estate, title refers to the paperwork that gives a person legal ownership of property. Title insurance protects you and the lender from the problems associated with someone disputing your free and clear ownership of the house after you have purchased it.
Soon after you sign your contract of sale, your lawyer will order a title search from a title insurance company or one of its agents, an abstract company. The company will search the relevant records and issue a report, which will give information about the present and past ownership of the property and will also list potential exceptions to title insurance policies which will be issued to you and the lender at your closing. In other words, the title search company will find out if anyone else claims to own the property or has a legal action against the property. They will also find out if there will be any problems issuing title insurance (see above).
Land is permanent, and can have many owners over the years, so various rights may be owned by other individuals or local/state governments, even if the land has never been built upon. the report will also show if there are any liens (a claim by one person on the property of another as security for money owed) on the property from mortgages, judgments against the owner or outstanding property taxes. You will also find out about any restrictions on the use of all or part of the property, and the rights of others to use the property as well.
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