Escrow & Title
What is a 'title search' and what does it typically involve in an Illinois real estate transaction?
AA physical inspection of the property to verify title
BA review of public records to trace the chain of title, identify liens, encumbrances, and defects affecting the property✓ Correct
CAn online database search conducted by the buyer's agent
DA search required only for commercial properties in Illinois
Explanation
A title search examines the public record (county recorder's office, circuit court, tax records) to trace the chain of title and identify all recorded documents affecting the property. The searcher looks for deeds, mortgages, liens, easements, judgments, tax records, and other encumbrances.
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Key Terms to Know
Chain of Title
The sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Math Concepts
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