title search is an Title searches are usually done
absolute necessity if you by lawyers. If you are borrowing
are going to purchase real money from a bank to finance the
estate. Without one, there is no purchase, then the bank will
way that you can be certain that certainly have its lawyer do a
the seller even owns the property title search. You should have
he is selling to you – so if you your lawyer do one too. Even
“purchase” the property and move though the title search will
in, you might be thrown out years likely be done by a lawyer, you
later by the real owner of the should definitely become familiar
real estate. In case you think with what’s going on – don’t just
that’s unlikely, consider that “leave it to the lawyers”. If you
many people buy real estate as an have a general idea about what’s
investment even though they may going on, you’ll be able to have
live far away. The owner might an intelligent conversation with
lease the real estate to someone your lawyer and you’ll be more
else trusting him to maintain the likely to know early if there’s
property. If the lessee is any malpractice going on. You’ll
unscrupulous, he may attempt to also have a better idea about how
“sell” the property, pocket the competent your lawyer really is
money, and move to Tahiti or (not all of them are smart!)
somewhere, leaving you holding
the bag when the owner gets back Your title search should also
and asks who the heck you are. cover any mortgages, liens, or
Yeah, of course you could sue the other encumbrances that may have
person who sold you the real been put on the real estate you
estate, but what if you can’t are considering purchasing – it
find him? Or what if he spent all would be a shame to purchase a
the money? home and then have the bank
foreclose on it because the
previous owner mortgaged it and offered for reference purposes
didn’t pay it off. only and does not consititute
legal advice.
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About the Author:
Real Estate Law in Plain English explains real estate law without the legalese.
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Bobby Carnes
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