You can call us here: 803-612-5131 | 200 Outlet Pointe Boulevard | Columbia, SC 29210

Title Abstract / Title Search

A title search is a thorough review or examination of the public records pertaining to a property – more specifically the ownership as well as the rights and limitations particular to that property. A title search is a vital part of the closing process as it allows the parties to better understand what claims (liens, judgments, mortgages, and other encumbrances) affect the property so that an informed decision can be made about the property being purchased. All title searches are preformed by independent abstractors and are reviewed by an attorney upon receipt.

SOUTH CAROLINA COUNTIES
South Carolina Counties
Types Of Search (Click types to read info)
Current Owner Search

This type of search includes a search of the public records from the execution date of the current deed of record forward. It provides information from that deed, including the legal description, as reported, as well as reporting complete information on open mortgages, judgments, federal tax liens, pending suits, real estate taxes, sales and any other matters affecting the subject property since the current owner’s deed.

Full Search

This type of search includes a search of the public records from the execution date of the deed from at least 40 years back for the property forward. It provides information from that deed, including the legal description, as reported, as well as reporting complete information on open mortgages, judgments, federal tax liens pending suits, real estate taxes, sales and any other matters affecting the subject property for the searched period of time (40 years).

Update

This type of search includes a search of the public records from the effective date of a prior title search. The update reports any new activity affecting the real estate since the effective date of the last search.

Commercial

This type of search includes a search of the public records from the execution date of the deed from at least 60 years back for the property forward. It provides information from that deed, including the legal description, as reported, as well as reporting complete information on open mortgages, judgments, federal tax liens pending suits, real estate taxes, sales and any other matters affecting the subject property for the searched period of time (60 years).

Title Insurance

Title insurance is your best protection against potential title defects, which can remain hidden despite the most thorough search of public records.  Most lenders require title insurance coverage. This one-time premium is paid at the closing and protects the lender if someone ever makes a claim against your new home. It is wise for the purchaser to obtain an owner’s title insurance policy to protect himself/herself in the same manner.

Title insurance is a one-time premium that is different from homeowners insurance or car insurance because it insures against loss or damage for matters that have occurred in the past, whereas homeowners insurance or car insurance insure against loss resulting from future events. It typically does not insure against defects first arising after the effective date of the policy.

• Why do I need title insurance?
“Owning your property free and clear is not merely established by having a deed in your hands. A deed does not cancel certain prior ‘rights’ or ‘claims’ other people may have to your property. As such, you need protection, and that is why you should obtain title insurance.”

Title Insurance is protection—piece of mind. When you buy a home you expect to enjoy certain benefits from ownership. You expect to be able to occupy the property and use the property as you wish, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell or encumber your property as security for a loan. Title Insurance guarantees that you own the property for which you bargained and “takes the risk out of acquiring property whose legal history is unknown to you”. Without a title insurance policy you may not be fully protected against errors in the public record, hidden defects not disclosed by public records, or mistakes made during the title search. As a result, you may be held fully accountable for any liens, judgments, or claims brought against your new property.

However, a title policy will:

  1. Defend your title in the courts, as insured, at its own expense.
  2. Correct or clear the title when possible.
  3. Promptly pay you for your loss in the event of an unsuccessful defense of your title.

*direct quotes taken from First American Title Insurance Company

• What does title insurance cost?
A lender’s policy is based on the amount of the loan, while an owner’s title policy premium is based on the purchase price. The important thing to remember is that the title insurance premium is a one time cost that will remain in effect as long as ownership remains in your name (or your heirs)

Title Insurance Calculator

 

• If my lender obtains title insurance, why do I need an owner’s policy as well?
The lender’s title insurance is a policy issued to the lender for their protection up to the amount of the loan. The coverage afforded to the lender, should any defects arise, does not provide for any coverage or relief to the purchaser, who would be an uninsured party.

• What types of risks are covered by title insurance?
Among the many risks against which title insurance protects you are:

  1. Confusion from similarity of names
  2. Forged documents
  3. Signatures of minors or mentally incompetent persons
  4. Mistakes in recorded legal documents
  5. Undisclosed or missing heirs
  6. Fraud
  7. Invalid Divorces
  8. Misrepresentation of martial status
  9. Unpaid taxes
  10. Clerical errors in public records
  11. Wills not probated

*direct quotes taken from First American Title Insurance Company.

 


Contact Us!
200 Outlet Pointe Boulevard
Columbia, SC 29210

Phone: (803) 612-5131
Fax: (803) 612-5135

dawn@palmettostatetitle.com donald@palmettostatetitle.com
Disclaimer
Palmetto State Title & Escrow, LLC is not a licensed law firm. Legal Services are not provided by Palmetto State Title & Escrow, LLC, however this title company is affiliated with licensed South Carolina attorneys who handle/oversee all matters required by State Law.
© 2017 Palmetto State Title and Escrow – Columbia SC