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Why Real Estate Attorneys Stress the Importance of Title Reports
When assisting clients with purchases and sales, real estate attorneys will draft and negotiate different documents. Among these are title reports, which are among the most important regarding commercial and residential real estate alike. For the uninitiated, a title report is a document that outlines the legal status of real property. There’s much more to know about this, however, and it can be difficult to uncover all the information associated with it. Here are a few things to know about title reports when going through the sales process.

To provide a general definition of a title report, it’s a written analysis of a property’s legal status. Many factors go into drafting a title report, too. These include, but aren’t limited to, the names of titleholders associated with said property and any encumbrances such as liens and mortgages. New York real estate lawyers may also list any defects that the property possesses and may require repairs, such as water damage or termites. Title reports assist in providing further information to buyers, as well as keep sellers in good legal standing throughout the transaction. When it comes to the specific problems that a title report can uncover, here are a few key items that real estate lawyers can bring to the attention of their clients.

Public Records Inaccuracies – When discussing the issues that title reports uncover, public records inaccuracies are among the most prevalent. These records are important for numerous reasons, including the purchasing and selling of real property, so when these details prove to be inaccurate, it’s easy to see how they can inhibit real estate transactions. Furthermore, these inaccuracies can create financial problems for buyers, which may deter them from moving forward with the transactions they’ve already invested considerable time in.

Liens – One of the most common problems that title reports uncover are liens. Simply put, residential real estate lawyers are legal claims on property that are issued by creditors, who must be paid what they’re owed. To expand on this, if you purchase a home, you most likely have to pay a mortgage. If you have multiple late payments or simply default on them, the creditor that you worked with in the past will have a legal claim to your property. When purchasing real property, you may not be aware of any potential liens tied to it, meaning that you’d be responsible for making payments. This is just one of the many details that commercial and residential real estate attorneys address in title reports.

False Identity – Did you know that your purchase of real estate property can be put in jeopardy if an individual were to impersonate the true owner of the property in question? New York real estate attorney is a case of false identity at work and to say that it’s a serious crime would be an understatement. False identity harms multiple parties associated with real estate transactions. In the case of buyers, you may not have any legal ownership of what you’ve negotiated on, which can open further issues down the road. It’s important to know that you’re working with the legitimate owner of real property, which is another area where the assistance of residential and commercial real estate attorneys comes into play.

Estate Issues – In most real estate purchases, it’s expected that estate-related information will be in place. In other words, the rightful owners of a property will be known. This isn’t always the case, however, which is where estate issues can come into play. To provide further context, imagine that a new heir is discovered. This individual would have a legal right to the property being negotiated, which can complicate an ongoing transaction. Before real property can be negotiated, details related to estate must be ironed out.

commercial real estate lawyers Whether in regard to building or boundary lines, there are numerous examples of town violations that can impact one’s ability to purchase real estate. In the case of building codes, it’s important to note that property should have certain features in place to be considered in good legal standing. For example, it’s customary that an apartment complex have smoke and carbon monoxide detectors installed and maintained. Without these, not only does the property become less appealing to prospects but landlords may find themselves in trouble down the road. Attorneys will most likely detail town violations when drafting title reports.

With this information in mind, you should have a better understanding of what title reports are and why they’re so important to the purchasing and selling of commercial and residential real estate. Even so, you may still require assistance to ensure that your given transaction is carried out without a hitch. Therefore, it’s in your best interest to speak to a real estate attorney in your area. By working with an attorney that’s licensed in a given state, you will be able to negotiate contracts and find the best deals imaginable, not to mention better understand vital documents including title reports.
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