Title

Back again..and here we go. Once there are signed contracts (sometimes earlier than this) , the buyer's attorney orders "Title". Title insurance is basically a search for any outstanding liens against a property or owner, as well as violations or open certificates of occupancy. This process can take several weeks to complete. Its a physical search for any and all records of a property's history all the back to the days of the original settlements. It establishes credence to the seller's legal ability to sell a property....Its his to sell.
Title insures the purchaser that he (or she) will actually own the property and is insured against the loss incured if somehow the property turns out to belong to someone else ealier in the property's life.