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Jeff Otto
Jeff Otto is Branch Manager of Lawyers Title Insurance Corporation which is a member of LandAmerica Financial Group, Inc., a premier national provider of title insurance and settlement services. Lawyers Title has been in the local marketplace since 1955. Jeff has been with Lawyers Title for 34 years, the last 24 right here in Wichita. You may contact Jeff at (316) 682-9600 x 201 or by e-mail at jotto@landam.com
Real Estate
2003-11-01 08:54:00
Why a title search?
: I purchased my home a year ago. Can you explain to me why the bank needs to do a title search for a home equity loan when it was done just a year ago?
ANSWER:  The title search and title insurance policy that was issued when you bought your home a year ago reflect the status of the title as of that date. Any number of things could have happened after that date that could affect the title to the property. A creditor may have obtained a judgement against you that creates a lien on the property. You might not have paid the taxes due on the property which would result in a lien on the property. You and your spouse may have been divorced and only one of you may have been awarded ownership of the property. Documents may have been filed containing erroneous legal descriptions which cloud the title to your property. IRS may have filed a lien for unpaid income taxes. These are only a few examples of matters that might have come-up after you bought your property and which would have to be cleared before the new lender would make the new home equity loan. 
 
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