You might have heard the terms examining a title thrown around before, but do you really know what it means? Not a lot of people know the actual process that goes into these things. Real estate can be a complicated topic to learn but it’s important to know as much as possible in order to get the best possible outcome. However, that doesn’t mean you can’t get a professional helping hand to help you out along the way. Here are some reasons why you should get a real estate lawyer to examine a title.
What Is It?
Firstly, we need to know what a title examination is. A title examination is simple terms is pretty much just examining a property to make sure that it can be for sale before it gets purchased. The point of a title examination is to find any encumbrances that may be on the property. Those encumbrances can either impact the total purchasing price of the property or not even make it suitable to be put up for sale. An example of encumbrances are unpaid tax liens or restrictions on the property from a previous title owner.
Not only will the title examination involve finding encumbrances, but it will examine the property as a whole. The history of ownership for the property will be looked into along with deeds that may have been involved with the property before. Trust documents may also be on the property that can actually change the ownership and the property. The chain of title would also be reviewed because it will assess whether or not the ownership of said property would be with anyone else other than just the buyer.
Why Does It Matter?
Many people would agree that title examinations are one of, or if not most, important parts of a real estate transaction. A title examination is all for the buyer’s benefit because if a title examination is not done, the buyer could find future problems with the property that they would be involved in as the new owner of the property. Therefore, it also allows the buyer to decide whether or not they would like to withdraw the transaction. Ownership could be claimed at any random moment or debt could be hidden within the property, so title examinations are truly within the best interests of any buyer.
Why Do I Need a Real Estate Lawyer?
For one thing, a real estate lawyer is well versed with the ins and outs of title examination and would find every detail that you would need to know. A lot of title companies aren’t actually owned by attorneys, which mean there could be mistakes made if a real estate lawyer wasn’t present. As we stated earlier, someone could try to claim your property or put you in debt once you have bought the property, but a real estate lawyer will make sure that that does not happen to you.
Keep in mind that it is always better to be safe than sorry, especially with big purchases like properties. Do the responsible and smart thing by hiring a real estate lawyer to help you with title examinations.
If you need a real estate lawyer to help you with title examination and other concerns, our team at Bolger Law Firm is ready to help. Contact us today for more info.