Buying property comes with various legal requirements in order to transfer ownership of the property. One of these requirements is the transfer of the title, but first, a potential buyer will want to carefully review the terms of the title report to ensure there are no problems of which he or she should be aware. A title report outlines the legal status of the property, and a careful review is necessary before making any final decisions.
The details of a title report
A title report should contain certain information about a property. A potential buyer will be able to find details in this document that allow him or her to understand if there will be problems with the transfer of ownership. Some of the things to look for in a title report include:
- Liens on the property
- Falsified documentation
- Errors in the public record
- Property disputes
- Encumbrances
- Falsified identity
- Violation of building codes
If there are concerns in the title report, a potential buyer will benefit from an exploration of the legal options available to him or her. In some cases, problems in the title report may be reason to avoid purchasing a specific property.
Do not make critical real estate decisions alone
It may be beneficial for one considering the purchase of a home to work with an experienced real estate attorney. From reviewing the title report to negotiating the terms of the purchase agreement, knowledgeable legal guidance is helpful. A careful review of a title report by an attorney can help one understand how to proceed with the transaction.
