What is the difference between a title search and a title insurance policy?

A title search and a title insurance policy are two different things in residential real estate law in Washington. A title search is a process where a title examiner looks at the public records related to a property to determine who owns it and if any liens, encumbrances, or defects exist. After the title examiner has reviewed all of the documentation, they write a report which is called the title report. The title report effectively summarizes all of the findings of the title search and outlines what needs to be done to clear title of the property. A title insurance policy, on the other hand, is a type of insurance policy that is issued to a property owner or buyer to protect them from potential losses or damages due to any title defects that may exist. The title insurance policy is typically issued by an insurance company and it covers any potential losses or damages due to title defects, including any liens, encumbrances, or other problems that may arise. The title insurance policy also covers any legal costs that the buyer may incur in order to clear title of the property. In summary, the difference between a title search and a title insurance policy is that a title search is a process to find any potential defects related to a property while a title insurance policy is a type of insurance policy to protect the buyer from any losses or damages related to title defects.

Related FAQs

What is the difference between a realtor and a real estate agent?
What is a “due on sale” clause?
What is the difference between a real estate appraiser and an inspector?
What is an opportunity to cure a breach of contract?
What is a Contract for Deed?
What is a Notice to Quit?
What is a comparative market analysis?
What is the difference between a deed and a contract of sale?
What is a Release of Lien?
What is the difference between an affidavit of title and a title commitment?

What is the difference between a title search and a title insurance policy?

Related FAQs

Related Blog Posts