Quote:
Originally Posted by Kirsten Lee
As someone who has worked for 27 years in loan servicing, here is an example of why you need a title search completed: John and Mary purchased a home in 2003 with a loan thru Florida Bank. After two years they refinanced thru Happy Bank which paid off Florida Bank. Florida Bank some how forgot to satisfy the mortgage. Now in 2013 you are paying cash for the house and don't do a title search. Five years from now you attempt to sell the house and need the forgotten mortgage from Florida Bank cleared before your buyers can get a loan. Florida Bank now owned by Southeast Bank won't talk to you because you didn't have the loan (Privacy rules) and they don't care. You can't reach the people who previously owned the home. It will take some work to clear this up.
Real Estate is the biggest purchase most of us make. I would not buy without a title search.
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I believe the discussion is about Title Insurance. A title search is not the same although a title search is done prior to ths issuance of a Title Policy.
A search is like a medical exam before th issuance os a life insurance policy.