Real Estate: Title Review and Clearance
A Real Estate Title is a document that shows real estate ownership. In order for you to move forward on a real estate transaction you will want to have the title reviewed and cleared. Generally the buyer makes the arrangement for the title review to be sure they are purchasing property that is not encumbered by liens or other restrictions.
A Title Abstract is a written report that will show the history of the ownership of the piece of real estate, as well as show any claims against the property. A lien or restriction on a real estate property may seriously compromise the plans a buyer has, where a clear title enables the transaction to go forward.
When you get ready to buy or sell a property, a title company can perform the review and clear the title but consider having your attorney perform this service instead. Attorneys will look at the state of the title and see what issues, if any, need to be resolved. They will decide which title risks may be acceptable to you and decide what type of title insurance coverage would be appropriate for both you and the type of transaction. A current survey of the property should be provided and the attorney can then review many things including easements, type of estate, legal description, covenants, conditions, restrictions, court actions and taxes.
Having your attorney provide this service is a natural extension of the contract review process and in addition, affords you peace of mind.