Purchase of a properties such as home, vacation cabin, land or a villa entails many intricate details, such as abstract or title search, examining the chain of title to make sure it is proper and there is no wild deed or conveyance that breaks the chain and so on. Any one of such issues if not addressed properly could render your title clouded or not marketable. Here is a more detailed review:
• Real Estate Contract
A Real Estate Contract should cover many important terms and drafted properly, in order to be enforceable in a court of law. This will include how you will be paying for the property, the amount that you will be paying and the terms or payment; the proper description of the property; are you assuming a mortgage? Is there a vendor take back? Are mineral rights included? Are there any easement and encumbrance on the property? Any material mistake in addressing these issues and many more could cause a lot of anxieties and financial setbacks.
• Title Search
A title search makes sure that the the vendor's or seller has a marketable title and has the power and authority to transfer the property to you. The attorney while doing the title search will also check that there is no outstanding debt owed, taxes or claims from others and then report back to you and the lender, should you be looking into financing. This information will also be important for title insurance purposes.
• Property Title Insurance
Your real estate lawyer uses the records that are published for public record purposes, but there are certain defects that are not discoverable, such as clerical errors or missing heirs. The lenders will ask that you have insurance of their investment by protecting their investment through title insurance.
The lender will not close the contract until the final inspections are done. These inspections will include pest inspections and you as the owner will take out a homeowner's hazard insurance policy. This policy will be arranged by the attorney after the reports have been carefully documented of any of the findings when the inspections were done.
• Choosing an Attorney
Since you are paying for the lawyer, you should take the time to thoroughly research the background of the real estate lawyer you are hiring. Real Estate is a specialized area of law; you need a lawyer who is well versed in this area of law and has years of experience dealing with buying and selling real estate.
Buying or selling a property is a major deal in most people's lifetime. Make sure your decision is legally pain free and your title is FREE and CLEAR from any liens and encumbrances that could become major burdens to you and your family in the future. In other words, you are buying a property and not a lawsuit!
Here at Chosen Lawyers, our job is to research amongst many lawyers in each area of law and make sure, we carefully choose lawyers who are highly competent, credible and committed to their clients. So go ahead and click on www.ChosenLawyers.com and make sure you do not sign the dotted lines until everything is Kosher or A-Okay!