This document is the legal document used to convey property to a new buyer. The title company or closing attorney will record your deed at the Courthouse, which will making it, a part of the public record. The original recorded deed will be mailed to you approximately two weeks after the closing. A title search is a detailed examination of the historical records concerning a property and may include deeds, court records, property and name indexes, and many other documents. The purpose is to verify the seller's right to transfer ownership and to discover any claims, defects, easements, encroachments, and other rights or burdens affecting the property.
Title insurance is simply a contract of indemnity.
This insurance will reimburse an insured for loss or damage caused by defects in title, including problems. Sometime, your lender will want you to bring a receipt for the earnest money deposit along with your sales contract to the loan application meeting. PITI - Principal, interest, taxes, and insurance. Oral promises are not legally enforceable when it comes to the sale of real estate. You will have a binding contract if the seller, upon receiving your written offer, signs an acceptance, just as it stands, unconditionally.