What are a title update and a full title search in Georgia?
A title update begins with the date and time of the issuance of the Seller’s prior title insurance policy. That means that no public records pertaining to the subject property prior to the issuance of existing title policy are searched. Therefore, the status of the title prior to this date is not certified. If you obtain title insurance, the title insurance company should cover you against all claims that are not excepted from the policy, even if the claims arise out of defects or encumbrances, which occurred prior to the search period. A full title search generally covers 40-60 years of the public record pertaining to the subject property and will cost more than a title update. The advantage of the full title search is that it gives the Buyer certainty of the status of the title to the subject property prior to closing. Even if the title insurance company agrees to provide you full coverage and pays for the necessary attorney’s fees of a claim arises, you still endure the stress of litigation and the uncertainty of ownership rights of your home. A full title search provides you with more peace of mind.
Additionally, matters of zoning and environmental hazards are not included in a standard title search. If you require information about these matters, you need to request this information from your closing attorney specifically and prior to the closing. Keep in mind that zoning laws effect setbacks as well as use requirements for land. Environmental hazards include, but are not limited to, the existence of radon gas, asbestos, lead based paint and underground storage tanks.
What does tacking or updating from an existing policy of title insurance mean?
Tacking occurs where the search of the public record only involves the period that the current owner has owned the property and a policy of title insurance had been issued for the sale to the current owner.