A real estate title review is a part of the closing process for the purchase of a home or commercial property. Once you strike a deal for the property you want to buy, there are many things that you as a buyer must do before the deal is closed. Among the to-do list of the important things is the title review.
Most often home buyers and property investors fail to give the title review process its due importance and thus don't fully understand the title risks. And needless to say, the failure to understand the title risks further leads to mismanaged financial and legal risks.
Title Review—What is it?
Also known as title examination, it helps identify issues with the land the property is situated. A title review or examination makes sure that the ownership chain is correct and complete, and that the land on which the property is located has no judgments, lawsuits, or liens against it.
Title review requires experience and expertise and that is what our lawyer has. Kevork Adanas our seasoned real estate lawyer can provide you with quality title review services. Our lawyer will look at the chain of title to determine whether it is encumbered by liens or lawsuits. We will also look for recorded easements and other variances if necessary which may otherwise affect property ownership.
Other ways our experienced real estate lawyer can help with title review are:
- Vesting of title—where we ensure that all seller parties are identified in the purchase and sale agreement and other ancillary documents
- Easements—An easement may burden or benefit a property. There are many types of easements such as utility, access, reciprocal, slope, drainage, and parking. As a buyer, you need to determine whether you're willing to live with these terms of easements and would they interfere with your intended property use.
- Encroachment—An encroachment exposes the buyer to possible liability in different ways such as it may violate the easement agreement terms or render the title unmarketable.
We will provide you with a title review listing the following items for your consideration:
- Title abstract which shows the chain of property ownership, and details like liens and judgments recorded against the property that you're planning to buy.
- The title insurance policy with a list of exclusions. Exclusions show that your title is covered but some items are not which are important to know to make an informed property buying decision.
- It also includes HOA and condo association documents, the board of director minutes, and board member's contact information.
In our title review, we'll also mention unpaid taxes on the property should first be paid by the seller or settled before so that the title is clear for the new buyer.
Our seasoned real estate lawyer will work with you cohesively to make sure that you make an informed property buying decision so that you don't have to struggle with liens and other title review related issues later.