Title & Settlement

Title Search

Maximize Float – Minimize Shortages

Full Search (F/S)

The length of search that is defined by state statute as the full applicable statutory period required for marketable title or the customary standard in the state where the property is located.

The search should include all names in the chain of title and should report liens and judgments for all owners, current and past. The names must be run for general liens, such as judgments and federal tax liens, for the full statutory period applicable for the state.

In addition, all defects, liens, and encumbrances specifically referred to in the documents revealed in the search must be reported as exceptions, unless properly disposed of.

All necessary or customary ancillary searches applicable to the property type and location shall be performed and reported. Examples of ancillary searches include but are not limited to housing or building code enforcement, personal property tax, and municipal lien and traffic adjudication searches.

All easements, covenants, conditions, and restrictions (CC&Rs) or related documents such as amendments, annexations, or restated CC&Rs posted to the subject property must be reported.

Limited/Streamline/One Owner Search C/O)

A search that goes back to the FVD and each deed in the chain that was recorded since the FVD must be reviewed to verify that the title passes to the current owner of record.

The names of the grantees in the FVD and all subsequent title holders must be run for general liens, such as judgments and federal tax liens for the full statutory period applicable for that state. If a party is listed on a refinance order that does not appear on the FVD, then the name(s) must be run for liens and judgments like any other owner.

In addition, all defects, liens, and encumbrances specifically referred to in the documents revealed in the search must be reported as exceptions, unless properly disposed of. Where the subject property is located in an area where mineral conveyances and reservations are common, all such conveyances and reservations must be specifically excepted from the legal description.

Two Owner Search (T/O)

A search that goes back to the two FVD and each deed in the chain that was recorded since the FVD must be reviewed to verify that the title passes to the current owner and two owners of record.

The names of the grantees in the FVD’s (current owner & two owners) and all subsequent title holders must be run for general liens, such as judgments and federal tax liens for the full statutory period applicable for that state. If a party is listed on a refinance order that does not appear on the FVD, then the name(s) must be run for liens and judgments like any other owner.

In addition, all defects, liens, and encumbrances specifically referred to in the documents revealed in the search must be reported as exceptions, unless properly disposed of. Where the subject property is located in an area where mineral conveyances and reservations are common, all such conveyances and reservations must be specifically excepted from the legal description.

Bring Downs/Date Downs/Updates(U/D)

An extension of a title search to verify that no liens have been filed against the subject property between the time of the original title search and the recording of the Security Instrument and/or Mortgage/Deed of Trust. The taxes should be updated with present tax findings.

Tax Research

We provide comprehensive solutions on real estate Tax information for insured and uninsured products with widespread coverage in the United States and quick turn times.

Judgment Searches

To check if there are any Judgments against the borrower by using the Risk.Nexis.com and upload the search docs in the file.

Bankruptcy searches

To check if there is any Bankruptcy filed against the borrower by using the PACER site and uploading the search docs in the file.

Lien Clearance

Verify if there are any closed liens showing on title and request for release/ Paid in full letter. Request judgment payoffs.

Commitment Typing

Type the Vesting, conveyance, mortgage, judgments/liens and taxes information into the Client Application as per the Abstract report and proof for any typos or mistakes to correct them.

 


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Additional Resources

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Case Study

Title & Escrow Platform Re-engineering

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2

Webinars

Challenges in meeting the GSE mandate for uniform closing dataset (UCD) delivery
Date: September 20th, 2016 02:00 PM EST

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