Certain defects or disputes about the title to real property.
The invalidity, unenforceability, or lack of priority of the lien of a lender's mortgage on real property.
The term title company may refer to either:
A title insurance company identified as the title insurer in the title insurance policy and known as a title insurance underwriter, which:
sets standards and guidelines for evaluating risks involved in insuring title to real property; and
indemnifies the insured party named in the title insurance policy.
A title agent authorized by a title insurance company to conduct certain actions on its behalf. Depending on state law, a title agent may be an individual or a business entity, which typically enters into a written agreement with an underwriter and registers with the requisite state agency. State law and this agreement dictate the actions a title agent may perform, which may include:
soliciting title insurance business;
determining insurability of title to real property based on the underwriting standards;
collecting premiums; and
preparing and signing the title insurance policies of the title insurance company.
To issue a title insurance policy, a title company must rely on a title search identifying clouds on title to the real property. Title search procedures vary by state, as do the methods of providing results, which may include:
A proprietary title report prepared by the title company's title examiner.
A search report or other product ordered from a title search company by the title company.