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Title/Homeowners Warranty

What is a Title Search?

A title search is performed by a title company and is needed to uncover any possible problems with the legal ownership of the property. If problems are found, you may decide not to close on the property. Problems could arise if there is a dispute by outside parties about the ownership of the property, its size, or the way it can be used. (For instance, there may be an unknown heir, a secret spouse, or a faulty land survey on the property.)

Title searches are generally set up by the buyer’s Realtor or lawyer.  If no problems are found in the search, the title company issues you title insurance. This is for your protection. Title insurance guarantees that the property you buy is as it is stated in recorded deeds, surveys, and other documents. You may pay a one-time title insurance premium when you buy the house. Then you do not have to pay another premium unless you refinance your mortgage.

What is a Homeowner’s Warranty?

A home warranty covers any repair to the structure, mechanical systems and major appliances of the house for a certain time, usually a year. 

A homeowner’s warranty is especially useful when buying an older home or one that has been vacant for some time. The seller may offer a warranty with the sale. If not, you can buy a homeowner’s warranty on your own.