Title Insurance, the other insurance…
By Alexandra Laing
The search and title commitment:
A title search entails a detailed examination of the public land records. Typically, the search goes back thirty years. This will reveal what is on the land records, a history of the property ownership, liens, releases, etc. If any encumbrance (lien) or cloud on the title exists, it will be listed in the title commitment to be satisfied. A tax search is also run to make sure all real property taxes have been paid.
The commitment names the proposed insured owner, the lender, the complete legal description with a survey reference, the items to be satisfied and the exceptions. It is the preliminary report listing all the items, if any, that need to be satisfied by closing time. All original releases required for recording are brought to the closing. If any item is not satisfied it becomes an exception on the policy.
Immediately after the closing the documents are recorded by the title insurance agent. Thereafter, the lender’s and owner’s policies will be issued.
For more information on buying and selling property in the USVI, contact Alexandra Laing at 340.513.7259 or firstname.lastname@example.org.