Title Search - It's Types - Difference between Commitment & Preliminary Report - Title Search App's

Title Search - It's Types

Difference Between Commitment and Preliminary Report

& Title Search Applications

Title Search - Title Search is also called as Owners & Encumbrance Search.

Types of Title Search

Current Owner Search

Two Owner Search

Limited Search

Updated Search

Full Search

Basic Title Search Standard Procedure

Based on Input Address we need to take the Assessment and Tax from Netronline

PI - Property Index Search Property related Doc’s and Property related Lien’s

GI - General Index Search Money Judgments, Liens & Bankruptcy

Required Documents - Deed, Open DOT/Mortgage, Open Liens & Judgments

Probate Search - Estate related documents 

Plat Map/Condominium Map/Track Map

Exception Documents - Easement, CC&R, Agreement and Amendment doc’s

Starter - Direct Starter, Adjacent or C Starter and Master Starter

Pacer Search or Bankruptcy Search

Patriot Search or OFAC Search (Terrorist related cases)

Types of Products:

1.      Refinance

2.      Cash Sale

3.      Sale with Loan

4.      REO Foreclosure

1. Refinance:

            2 Parties are involving

a.      Borrower/Applicant/Owner

b.      Lender

2. Cash Sale:

            Selling a Property for Full Cash

            2 Parties are involving

a.      Seller - Current Owner

b.      Buyer - New Buyer

3. Sale with Loan:

            Purchase Money Mortgage Orders

            3 Parties are involving

a.      Seller - Current Owner

b.      Buyer - New Owner

c.      Lender - Bank/Lending Institution

4. REO Foreclosure:

            For unpaid debts the property will get foreclosed

            3 Parties are involving

a.      Current Owner

b.      New Owner

c.      Lender

DIFFERENCE BETWEEN COMMITMENT REPORT AND PRELIMINARY REPORT/TITLE REPORT

 

Preliminary Report	Commitment
A document indicating the current state of Title. The report includes information on the current ownership, outstanding deed of trusts, mortgages, liens, easements, covenants, restrictions, and any defects, etc.	A commitment for Title insurance is a promulgate forms that offers to issue a Title Policy; a statement of the terms and conditions on which the Title company is willing to issue its policy.
In this case there is no agreement that the buyer/lender has to take up a Policy.	Wherein Commitment there is an agreement between Title company and buyer/lender has to take up a Policy.
Preliminary Report doesn’t contain the requirement section of the lender	Commitment Report contains the requirement section of the Lender (Loan amount, Premium in case of refinance)

Title Search Applications

Netronline

Title Point

Data Trace

Data Tree

Tapestry or Fidlar

Doxpop

Landex

Laredo

Title Data Inc.

Infocon

Searchiqs

Uslandrecords

CIC Remote Access

COTT Hostings

Ustitle search

Title searcher

Icounty

Idoc

GSCCCA

Cannan Title Solution

etitlesearch

Landshark

eCClix

Texasfile.com

Value Check

Title Scan Web

Geo Advantage

County Doc Search

COMPARISON OF THE DIFFERENTWAYS OF ACQUIRING TITLE:

	COMMUNITY PROPERTY	JOINT TENANCY	TENANCY IN COMMON	TENANCY IN PARTNERSHIP	TITLE HOLDING TRUST
PARTIES	Only husband and wife	Any number of persons (can be husband and wife)	Any number of persons (can be husband and wife)	Only partners (any number)	Individuals, groups of persons, partnerships or corporations, a living trust
DIVISION	Ownership and Managerial interests are equal except control of business is solely with managing spouse	Ownership interests must be equal	Ownership can be divided into any number of interests equal or unequal	Ownership interest is in relation to interest in partnership	Ownership is a Personal property interest and can be divided into any number of interests
TITLE	Title is in the "Community." Each interest is separate but management is unified	Sale by joint tenant severs joint tenancy	Each co‐owner has a separate legal title to his/her undivided interest	Title is in the "partnership"	Legal and equitable title is held by the trustee
POSSESSION	Both co‐owners have equal management and control	Equal right of possession	Equal right of Possession	Equal right of possession, but only for partnership purposes	Right of possession as specified in the trust provisions
CONVEYANCE	Personal property (except necessaries) may be conveyed for valuable consideration without consent of other spouse; real property requires written consent of other spouse, and separate interest cannot be conveyed except upon death	Conveyance by one co‐ owner without the others breaks the joint tenancy	Each co-owner’s interest may be conveyed separately by its owner	Any authorized partner may convey whole partnership property for partnership purposes	Designated parties within the trust agreement authorize the trustee to convey property. Also, a beneficiary’s interest in the trust may be transferred.
PURCHASER’S STATUS	Purchaser can only acquire whole title of community; cannot acquire a part of it	Purchaser will become a tenant in common with the other co‐ owners in the property	Purchaser will become a tenant in common with the other co‐ owners in the property	Purchaser can only acquire the whole title	A purchaser may obtain a beneficiaries interest by assignment or may obtain legal and equitable title from the trust
DEATH	On co‐owner’s death, ½ belongs to survivor in severalty. ½ goes by will to descendants devisee or by succession to survivor	On co‐owner’s death his/her interest ends and cannot be disposed of by will. Survivor owns the property by survivorship	On co‐owner’s death his/her interest passes by will to devisee or heirs. No survivorship rights.	On partner's death, his/her partnership interest passes to the surviving partner pending liquidation of the partnership. Share of deceased partner then goes to his/her estate	Successor beneficiaries may be named in the trust agreement, eliminating the need for probate.
SUCCESSOR'S STATUS	If passing by will, tenancy in common between devisee and survivor results.	Last survivor owns property	Devisee or heirs become tenants in common	Heirs or devisee have rights in partnership interest but not specific property	Defined by the Trust agreement, generally the successor becomes the beneficiary, and the trust continues