What is the process of examining county and municipal records to assess the legal status of real property known as?

The process of examining county and municipal records to assess the legal status of real property is known as a Title Search. This procedure involves a thorough examination of public records to verify the ownership of the property, identify any liens, mortgages, or claims against it, and ensure that the title is clear before any transaction or transfer occurs.

Conducting a Title Search is a critical step in the real estate transaction process as it protects both the buyer and the lender by confirming that the seller has the right to sell the property without any encumbrances that could affect ownership. Accurate title searches can uncover critical issues such as outstanding debts tied to the property or disputes over boundaries, which must be resolved prior to the sale.

Understanding the importance of a Title Search helps individuals involved in real estate transactions to ensure the legitimacy of ownership and secure their investment.