Status of Title
A purchaser of real property acquires the legal right to own and use that property. These legal rights, known as “title,” may be subject to certain rights that were established by previous owners of the property. Only a thorough title search will reveal these rights, restrictions or other interests and permit the attorney to show how they might affect the use and ownership of the property. The title search is accomplished by reviewing prior deeds and other documents recorded in the land records where the property is located, for a specific period of time. A title search discloses the previous owners of record and those burdens, benefits or other interest each has subjected the property to during their respective periods of ownership.
Our real estate attorneys will report the outcome of this search to the client and explain any outstanding interests or encumbrances. In some instances, encumbrances of record act to benefit rather than burden the property. Such items might include easements for public utilities, restrictive covenants which protect the character of the area, and zoning regulations. Outstanding financial interests of record such as mortgages or liens will have to be released at the time the new buyer acquires title, unless some other arrangement has been agreed to by all parties concerned.
In the event that any title problems are discovered, our real estate attorneys will attempt to cure the problem or to work with you to help reach a solution with the other party prior to the transfer of title at the closing.