“Taking Title” means that you become the legal owner of your home. A house title represents your legal rights of ownership and use of your residential property. So, that means that you have the right to use and enjoy the property, possession of the property, decide who can visit the property, you can also rent, sell or transfer ownership to another. Each state, county, and city have their own limitations, as do law enforcement, they can use a legal search warrant on the property and go into your home with such.
A title company, or attorney, performs a title search. That means a person would look at the chain of title. This item, the chain of title, is a listing of all past owners and ensures the “owner” has the right to transfer the title of ownership of the property to you. This would mean that the long-lost heir of the property from 1886 will not pop up to challenge the legitimacy of your ownership. Your lender’s title policy ensures that if any such claim materializes, the lender does not have a financial loss.
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