Title Insurance Policies
What are Title Insurance Policies - Do
You Need Title Insurance?
To understand title policy insurance in America, searches
begin with when the United States government stole the
land, I mean claimed it -- from the U. S. patent -- and moVE
forward from that point.
Because humans are involved in recording deed transfers
and plotting land parcels, a lot can go wrong. You want title
insurance because it will protect you against defects and
human error.
Property Searches and Public Records
Property transfers were first recorded alphabetically in
separate Grantor and Grantee books.
The books are heavy to lift and dusty.
County records are often maintained at local courthouses or
the Clerk of Registrars.
Today, most records are stored on the computer.
Division of Land
Early deeds involved large chunks of land known as
Townships.
Townships contain 36 sections and are six miles by six
miles.
Sections measure one mile by one mile and contain 640
acres.
Half of a section is 320 acres.
1/4 of a section is 160 acres.
1/4 section of 1/4 section is 40 acres.
An acre is 43,560 square feet
Title Search Basics
Title searches start with the most recent deed, searching the
grantee's name (the person now holding title) backwards in
time, until the deed when the grantee acquired the property
is located.
That grantor's name is then searched backwards in time in
the grantee's book to find when the grantor acquired title as
a grantee.
This process continues, and over time, the property
description involves larger and larger parcels of land.
Eventually, the searcher finds the U. S. Patent.
Other Factors Affecting Title
Deeds establish chain-of-title, but sometimes those chains
are broken. In addition, title searchers also look for
reconveyances (proof that the encumbrances are paid off),
and they look for easements, rights-of-way, CC&Rs, other
elements affecting title to the property. Here are more
records that are searched to piece title together:
Marriage records
Death certificates
Tax sales
Title Insurance Coverage
Depending on the title company, consumers can choose
among a variety of options, but the top three choices are
Owners, Lender's and Extended Coverage.
Basic Owner's Title Policy Coverage:
Clear title to the property
Incorrect signatures on documents
Forgery, fraud
Defective recordation
Restrictive covenants
Encumbrances or judgments
Basic Lender's Title Policy Coverage:
Mechanic's liens and unrecorded liens
Unrecorded easements and access rights
Defects and other unrecorded documents
Extended Owner's Coverage
Building permit violations from previous owners
Subdivision maps
Covenant violations from previous owners
Living trusts
Structure damage from mineral extractions
Variety of encroachments and forgeries after title insurance
is issued
Who Pays For Title Policy Insurance?
This depends on your local custom.
It can differ from county to county, but it is also negotiable in
the purchase offer.
Sometimes sellers and buyers split the fee for the owner's
policy.
Typically, the buyer pays for the lender's coverage.
How Long Are Title Policies Good For?
HOW LONG A TITLE POLICIES GOOD FOR?
Forever, theoretically. If you are planning to resell the
property within a couple years, ask your title company about
"binder" coverage. Most companies will sell you a binder
policy for 10% more. A binder is good for two years, often
can be extended beyond that time, and the fee charged for
the new buyer's policy will be the difference between what
you bought the property for and the price at which it sold. In
other words, you will get a credit for the amount of coverage
you purchased under your own Owner's Title policy.
HOW OFTEN ARE TITLE INSURANCE POLICY PREMIUMS
PAID?
Once. The fee is due when you buy. You will never pay it
again. Title policy insurance is the best insurance policy you
can ever buy.
What are Title Insurance Policies - Do
You Need Title Insurance?
To understand title policy insurance in America, searches
begin with when the United States government stole the
land, I mean claimed it -- from the U. S. patent -- and moVE
forward from that point.
Because humans are involved in recording deed transfers
and plotting land parcels, a lot can go wrong. You want title
insurance because it will protect you against defects and
human error.
Property Searches and Public Records
Property transfers were first recorded alphabetically in
separate Grantor and Grantee books.
The books are heavy to lift and dusty.
County records are often maintained at local courthouses or
the Clerk of Registrars.
Today, most records are stored on the computer.
Division of Land
Early deeds involved large chunks of land known as
Townships.
Townships contain 36 sections and are six miles by six
miles.
Sections measure one mile by one mile and contain 640
acres.
Half of a section is 320 acres.
1/4 of a section is 160 acres.
1/4 section of 1/4 section is 40 acres.
An acre is 43,560 square feet
Title Search Basics
Title searches start with the most recent deed, searching the
grantee's name (the person now holding title) backwards in
time, until the deed when the grantee acquired the property
is located.
That grantor's name is then searched backwards in time in
the grantee's book to find when the grantor acquired title as
a grantee.
This process continues, and over time, the property
description involves larger and larger parcels of land.
Eventually, the searcher finds the U. S. Patent.
Other Factors Affecting Title
Deeds establish chain-of-title, but sometimes those chains
are broken. In addition, title searchers also look for
reconveyances (proof that the encumbrances are paid off),
and they look for easements, rights-of-way, CC&Rs, other
elements affecting title to the property. Here are more
records that are searched to piece title together:
Marriage records
Death certificates
Tax sales
Title Insurance Coverage
Depending on the title company, consumers can choose
among a variety of options, but the top three choices are
Owners, Lender's and Extended Coverage.
Basic Owner's Title Policy Coverage:
Clear title to the property
Incorrect signatures on documents
Forgery, fraud
Defective recordation
Restrictive covenants
Encumbrances or judgments
Basic Lender's Title Policy Coverage:
Mechanic's liens and unrecorded liens
Unrecorded easements and access rights
Defects and other unrecorded documents
Extended Owner's Coverage
Building permit violations from previous owners
Subdivision maps
Covenant violations from previous owners
Living trusts
Structure damage from mineral extractions
Variety of encroachments and forgeries after title insurance
is issued
Who Pays For Title Policy Insurance?
This depends on your local custom.
It can differ from county to county, but it is also negotiable in
the purchase offer.
Sometimes sellers and buyers split the fee for the owner's
policy.
Typically, the buyer pays for the lender's coverage.
How Long Are Title Policies Good For?
HOW LONG A TITLE POLICIES GOOD FOR?
Forever, theoretically. If you are planning to resell the
property within a couple years, ask your title company about
"binder" coverage. Most companies will sell you a binder
policy for 10% more. A binder is good for two years, often
can be extended beyond that time, and the fee charged for
the new buyer's policy will be the difference between what
you bought the property for and the price at which it sold. In
other words, you will get a credit for the amount of coverage
you purchased under your own Owner's Title policy.
HOW OFTEN ARE TITLE INSURANCE POLICY PREMIUMS
PAID?
Once. The fee is due when you buy. You will never pay it
again. Title policy insurance is the best insurance policy you
can ever buy.
What You Need to Know About Your Title
Insurance Company
Your Title Insurance Company Will Make Sure You Keep Your
Home
Purchasing your home is an important decision. But how does
one know that the property they purchased has a clear title?
Because unknown problems can be hidden in the history of a
property's title, homeowners pay a title insurance company for
title insurance.
Title insurance companies provide title insurance. Title
insurance is an insurance policy that guarantees the property
title is free from the problems of hidden liens and claims. The
title insurance company searches public records for the
property to make sure there are no problems in the title's
ownership and history. The fee for title insurance is usually
included in the itemization of closing costs from the lender and
is a one-time fee. Possible hidden title problems your title
insurance company may find can include:
Errors or omissions in deeds
Mistakes in examining records
Forgery
Undisclosed heirs
Liens for unpaid taxes
Liens by contractors
Title insurance pays for title companies to search for problems
in a property's title by examining public records.
Title insurance companies routinely search public records for:
Deeds
Mortgages
Wills
Divorce Decrees
Court Judgements
Tax Records
Liens
Claims
By searching the history of the property's title, the title
insurance company can assure the new owner of clear
ownership to their new property and that no outstanding debts
or unknown ownership issues are associated with their new
home.
In addition, besides securing a good search on a property's
title, the title insurance company will insure the property owner
as long as s/he owns the property. Therefore, if a problem
arises at a later date, the title insurance policy will cover legal
fees in defense of a claim against the property that is covered
under the title policy.
Think you have to settle for whatever title insurance company
your lender puts in your closing papers? Not true! You have the
right to choose your title insurance company. Take a look at
Shopping for Title Insurance to find tips and information on how
to shop around and save when purchasing your next property's
title insurance policy.
Insurance Company
Your Title Insurance Company Will Make Sure You Keep Your
Home
Purchasing your home is an important decision. But how does
one know that the property they purchased has a clear title?
Because unknown problems can be hidden in the history of a
property's title, homeowners pay a title insurance company for
title insurance.
Title insurance companies provide title insurance. Title
insurance is an insurance policy that guarantees the property
title is free from the problems of hidden liens and claims. The
title insurance company searches public records for the
property to make sure there are no problems in the title's
ownership and history. The fee for title insurance is usually
included in the itemization of closing costs from the lender and
is a one-time fee. Possible hidden title problems your title
insurance company may find can include:
Errors or omissions in deeds
Mistakes in examining records
Forgery
Undisclosed heirs
Liens for unpaid taxes
Liens by contractors
Title insurance pays for title companies to search for problems
in a property's title by examining public records.
Title insurance companies routinely search public records for:
Deeds
Mortgages
Wills
Divorce Decrees
Court Judgements
Tax Records
Liens
Claims
By searching the history of the property's title, the title
insurance company can assure the new owner of clear
ownership to their new property and that no outstanding debts
or unknown ownership issues are associated with their new
home.
In addition, besides securing a good search on a property's
title, the title insurance company will insure the property owner
as long as s/he owns the property. Therefore, if a problem
arises at a later date, the title insurance policy will cover legal
fees in defense of a claim against the property that is covered
under the title policy.
Think you have to settle for whatever title insurance company
your lender puts in your closing papers? Not true! You have the
right to choose your title insurance company. Take a look at
Shopping for Title Insurance to find tips and information on how
to shop around and save when purchasing your next property's
title insurance policy.
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Invest in real estate today for a better tomorrow
Various programs are available to help you start.
Stop renting, but invest for the future.
CAL FOR ASSISTANCE AT: 786-709-6577
Houses, Condos, Town homes, Businesses, FSBO,
Commercial properties, Foreclosures & Government Homes.
We’re here to help brake the barrier of home-ownership
We make the process simple and easy
---------------------------------------------------------------------------
HOMEOWNERS OF SOUTH FLORIDA
HOME SELLING; CALL FOR HELP AT: 786-709-6577 --- South Florida
Sell your home quick and fast for the top price
Our proven selling techniques with our diverse kind of
advertisement can really help selling your home in a
very short amount of time.
ATTENTION SELLERS:
LET US SELL YOUR PROPERTY FOR YOU FAST, QUICK, &
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SALE IT, SALE IT:
OFFICE COMPLEXES, RETAIL CENTERS, APARTMENT BUILDINGS, HOTELS,
HOUSES, CONDOS,
TOWN-HOMES, BUSINESSES.
----------------------------------------------------------------------------------------------------------------
HOME SELLING: We have buyers interested in buying multi-family & commercial
properties in
Miami Dade county, Broward,
Palm Beach, Fort Myers and Port St Lucie area.
We are looking for sellers.
Call us for free consultation and valuation of your property at: 786-709-6577
------------------------------------------------------------------------------------------------------------------
We work hard to exceed clients expectation, we have the in-depth training and
negotiating skills, techniques and knowledge necessary to get you the best price
for your property in the shortest amount of time.
SO JUST LET US HELP YOU SELL YOUR PROPERTY! CALL US AT: 786-709-6577
TITLE INSURANCE WHAT YOU NEED TO KNOW ABOUT TITLE INSURANCE! What is it? And what is for? ---
TITLE SEARCH, FINDS Cloud On Title. What Does Cloud On Title Mean? --- AND What are the Benefits Of Using A Real Estate Attorney?
TITLE SEARCH, FINDS Cloud On Title. What Does Cloud On Title Mean? --- AND What are the Benefits Of Using A Real Estate Attorney?
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 |  |  |  |  |  |  |  |
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| ATTENTION SELLERS: LET US SELL YOUR PROPERTY FOR YOU FAST, QUICK, & FOR THE TOP PRICE. WITH US: IS MORE EXPOSURE, MORE SHOWINGS, MORE OFFERS, & MORE MONEY FOR YOUR PROPERTY. CALL: 786-709-6577 |
TITLE SEARCH FINDS Cloud On Title
What Does Cloud On Title Mean?
Any document, claim, unreleased lien or encumbrance that might invalidate
or impair the title to real property or make the title doubtful.
Clouds on title are usually discovered during a title search. Clouds on title are
resolved through initiating a quitclaim deed or a commencement of action to
quiet title.
KNOWLEDGE FINANCIAL GROUP / KNOWLEDGEFINANCIAL.COM explains
Cloud On Title
A title search and title insurance are generally required by lenders as
protection from any third-party claims, or clouds on title, to property that is
used as collateral. Title searches and title insurance are required in the
mortgage origination process.
Blanket Lien
What Does Blanket Lien Mean?
A lien covering nearly all types of assets and collateral owned by a debtor.
KNOWLEDGE FINANCIAL GROUP / KNOWLEDGEFINANCIAL.COM explains
Blanket Lien
A lien usually only gives the creditor the right to a specific asset. A blanket lien
gives the creditor a legal interest in all the debtor's assets and other collateral.
Defaulting on a debt in this situation can result in "losing your shirt".
Lien
What Does Lien Mean?
When a creditor or bank has the right to sell the mortgaged or collateral
property of those who fail to meet the obligations of a loan contract.
KNOWLEDGE FINANCIAL GROUP / KNOWLEDGEFINANCIAL.COM explains:
Lien
This is typically enforced under provincial or state laws.
Encumbrance
What Does Encumbrance Mean?
A claim against a property by another party. Encumbrance usually impacts the
transferability of the property. KNOWLEDGE FINANCIAL explains:
Encumbrance Also known as a lien.
Judgment Lien
What Does Judgment Lien Mean?
A court ruling that gives a creditor the right to take possession of a debtor's real
property if the debtor fails to fulfill his or her contractual obligations. A
judgment lien may be made against an individual or business and allows the
creditor to access the debtor's business, personal property and real estate,
among other assets, to pay the judgment. KNOWLEDGE FINANCIAL GROUP /
KNOWLEDGEFINANCIAL.COM explains
Judgment Lien
When a debtor does not make payment on a loan, the creditor may take legal
action to receive the money to which they are entitled. Once the validity of
the contract and non-payment is established, the court may order a judgment
lien. The actual acquisition of real property requires additional steps.
For example, a judge may place a lien on debtor's car. This way if, the debtor
doesn't pay his or her creditor within a certain time period, the car is used to
pay off the remaining debt.
Second Lien Debt
What Does Second Lien Debt Mean?
Debts that are subordinate to the rights of other, more senior debts issued
against the same collateral, or a portion of the same collateral.
If a borrower defaults, second lien debts stand behind higher lien debts in
terms of rights to collect proceeds from the debt's underlying collateral.
KNOWLEDGE FINANCIAL GROUP / KNOWLEDGEFINANCIAL.COM explains
Second Lien Debt
When lenders issue loans to borrowers, they commonly require that collateral
be made against the principal of the loan to ensure that the principal can be
repaid in the future.
In the case of a real estate mortgage, the lender effectively places a lien on
the asset so that if it is sold, the lender will be first in line to receive funds. If a
second mortgage is taken out on the same property, the second loan will be
considered second lien debt to the first mortgage, and will be subordinate to
the first in terms of return of principal. For this reason, second lien debt is
usually considered riskier than higher lien debt and often comes with a higher
interest rate as a result.
Tax Lien
What Does Tax Lien Mean?
A claim imposed by the federal government to liquidate a person's property
until the tax and debt owed is fully paid. KNOWLEDGE FINANCIAL GROUP /
KNOWLEDGEFINANCIAL.COM explains
Tax Lien
Tax liens can be purchased from the government in the form of an investment.
Tax Lien Certificate
What Does Tax Lien Certificate Mean?
A certificate of claim against property that has a lien placed upon it as a result
of unpaid property taxes.
KNOWLEDGE FINANCIAL GROUP / KNOWLEDGEFINANCIAL.COM explains
Tax Lien Certificate
Available in many states, this certificate allows the owner to collect unpaid
taxes in addition to a set level of interest. These investments are not insured or
necessarily backed by property, and therefore great risks are involved with each
purchase.
What Does Cloud On Title Mean?
Any document, claim, unreleased lien or encumbrance that might invalidate
or impair the title to real property or make the title doubtful.
Clouds on title are usually discovered during a title search. Clouds on title are
resolved through initiating a quitclaim deed or a commencement of action to
quiet title.
KNOWLEDGE FINANCIAL GROUP / KNOWLEDGEFINANCIAL.COM explains
Cloud On Title
A title search and title insurance are generally required by lenders as
protection from any third-party claims, or clouds on title, to property that is
used as collateral. Title searches and title insurance are required in the
mortgage origination process.
Blanket Lien
What Does Blanket Lien Mean?
A lien covering nearly all types of assets and collateral owned by a debtor.
KNOWLEDGE FINANCIAL GROUP / KNOWLEDGEFINANCIAL.COM explains
Blanket Lien
A lien usually only gives the creditor the right to a specific asset. A blanket lien
gives the creditor a legal interest in all the debtor's assets and other collateral.
Defaulting on a debt in this situation can result in "losing your shirt".
Lien
What Does Lien Mean?
When a creditor or bank has the right to sell the mortgaged or collateral
property of those who fail to meet the obligations of a loan contract.
KNOWLEDGE FINANCIAL GROUP / KNOWLEDGEFINANCIAL.COM explains:
Lien
This is typically enforced under provincial or state laws.
Encumbrance
What Does Encumbrance Mean?
A claim against a property by another party. Encumbrance usually impacts the
transferability of the property. KNOWLEDGE FINANCIAL explains:
Encumbrance Also known as a lien.
Judgment Lien
What Does Judgment Lien Mean?
A court ruling that gives a creditor the right to take possession of a debtor's real
property if the debtor fails to fulfill his or her contractual obligations. A
judgment lien may be made against an individual or business and allows the
creditor to access the debtor's business, personal property and real estate,
among other assets, to pay the judgment. KNOWLEDGE FINANCIAL GROUP /
KNOWLEDGEFINANCIAL.COM explains
Judgment Lien
When a debtor does not make payment on a loan, the creditor may take legal
action to receive the money to which they are entitled. Once the validity of
the contract and non-payment is established, the court may order a judgment
lien. The actual acquisition of real property requires additional steps.
For example, a judge may place a lien on debtor's car. This way if, the debtor
doesn't pay his or her creditor within a certain time period, the car is used to
pay off the remaining debt.
Second Lien Debt
What Does Second Lien Debt Mean?
Debts that are subordinate to the rights of other, more senior debts issued
against the same collateral, or a portion of the same collateral.
If a borrower defaults, second lien debts stand behind higher lien debts in
terms of rights to collect proceeds from the debt's underlying collateral.
KNOWLEDGE FINANCIAL GROUP / KNOWLEDGEFINANCIAL.COM explains
Second Lien Debt
When lenders issue loans to borrowers, they commonly require that collateral
be made against the principal of the loan to ensure that the principal can be
repaid in the future.
In the case of a real estate mortgage, the lender effectively places a lien on
the asset so that if it is sold, the lender will be first in line to receive funds. If a
second mortgage is taken out on the same property, the second loan will be
considered second lien debt to the first mortgage, and will be subordinate to
the first in terms of return of principal. For this reason, second lien debt is
usually considered riskier than higher lien debt and often comes with a higher
interest rate as a result.
Tax Lien
What Does Tax Lien Mean?
A claim imposed by the federal government to liquidate a person's property
until the tax and debt owed is fully paid. KNOWLEDGE FINANCIAL GROUP /
KNOWLEDGEFINANCIAL.COM explains
Tax Lien
Tax liens can be purchased from the government in the form of an investment.
Tax Lien Certificate
What Does Tax Lien Certificate Mean?
A certificate of claim against property that has a lien placed upon it as a result
of unpaid property taxes.
KNOWLEDGE FINANCIAL GROUP / KNOWLEDGEFINANCIAL.COM explains
Tax Lien Certificate
Available in many states, this certificate allows the owner to collect unpaid
taxes in addition to a set level of interest. These investments are not insured or
necessarily backed by property, and therefore great risks are involved with each
purchase.
The Benefits Of Using A Real Estate Attorney
Although using the services of an attorney can easily add several thousand
dollars to the cost of a real estate transaction, it's often money well spent.
Read on to find out how an attorney will help you close the deal, and the pitfalls
that may end up costing a lot of money.
Although using the services of an attorney can easily add several thousand
dollars to the cost of a real estate transaction, it's often money well spent.
Read on to find out how an attorney will help you close the deal, and the pitfalls
that may end up costing a lot of money.
Contracts
While most individuals have the ability to negotiate face-to-face with another
party, the terms of the deal must be properly memorialized in a contract in
order for them to be legally binding. Attorneys can do that by not only
negotiating on your behalf, but also making sure that the contract adheres to all
state laws as well as addresses any specific issues that might affect the
future use of the property.
For example, in New Jersey, the law stipulates that the buyer and the seller
have three days to review a real estate contract signed in conjunction with a
realtor before it becomes legally binding. Some home buyers/sellers aren't
aware of this. A lawyer will not only make the client aware of it, the attorney
will also review the contract for any legal glitches, make any necessary
changes to it, and insert any contingencies that you might have.
Addressing Liens
Another vital service that attorneys perform is called a title search. Title
searches are completed by or through attorneys, and their purpose is to make
sure that the property being sold is free of any encumbrances, such as liens or
judgments. The outcome of the title search is extremely important because it
reveals whether the seller has the legal right to sell the property in question.
An attorney will be able to provide this service much faster, and often with
less cost because real estate attorneys have working relationships with title
search companies.
Suppose a title search reveals that the seller must first pay a lien or
outstanding court judgment before his or her home can legally be sold. A
lawyer will address this issue by suggesting that the seller sweeten the deal
(for making the buyer wait) by granting a price reduction. The lawyer may also
provide the seller with suggestions or sources for financing so that the seller
can satisfy those claims. Attorneys will also be able to secure proofs that
those judgments and/or liens have been satisfied. This is important if you as
the new owner ever plan to obtain a mortgage or loan against the property
value. (For related reading, see The Best Way To Borrow.)
Property Transfers
When one or more parties are corporations, trusts or partnerships, the contract
preparation and the ensuing negotiations are complex. An attorney
understands these different types of business arrangements and their legal
boundaries within your state's law. As such, the attorney will ensure that the
contract is consistent with the law, but also that the terms of the deal in no
way violate the partnership's, trust's or corporation's charter agreements.
Filings
Real estate deeds often need to be filed at the county and state level. An
attorney will be able to do this quickly and efficiently. In addition, if the
transaction involves property where certain types of construction might not be
allowed, an attorney will be able to navigate the maze of state regulations so
that you may complete the transaction.
If the transaction revolves around commercial property, securing an attorney
is even more important. The attorney will be able to cut through governmental
red tape to obtain your tax identification number from the state, as well as
establish your corporation or sole proprietorship as a valid business entity for
state tax purposes. An attorney may also secure your actual business license
through the municipality as well.
Although using the services of an attorney can easily add several thousand
dollars to the cost of a real estate transaction, it's often money well spent.
Read on to find out how an attorney will help you close the deal, and the pitfalls
that may end up costing a lot of money.
Although using the services of an attorney can easily add several thousand
dollars to the cost of a real estate transaction, it's often money well spent.
Read on to find out how an attorney will help you close the deal, and the pitfalls
that may end up costing a lot of money.
Contracts
While most individuals have the ability to negotiate face-to-face with another
party, the terms of the deal must be properly memorialized in a contract in
order for them to be legally binding. Attorneys can do that by not only
negotiating on your behalf, but also making sure that the contract adheres to all
state laws as well as addresses any specific issues that might affect the
future use of the property.
For example, in New Jersey, the law stipulates that the buyer and the seller
have three days to review a real estate contract signed in conjunction with a
realtor before it becomes legally binding. Some home buyers/sellers aren't
aware of this. A lawyer will not only make the client aware of it, the attorney
will also review the contract for any legal glitches, make any necessary
changes to it, and insert any contingencies that you might have.
Addressing Liens
Another vital service that attorneys perform is called a title search. Title
searches are completed by or through attorneys, and their purpose is to make
sure that the property being sold is free of any encumbrances, such as liens or
judgments. The outcome of the title search is extremely important because it
reveals whether the seller has the legal right to sell the property in question.
An attorney will be able to provide this service much faster, and often with
less cost because real estate attorneys have working relationships with title
search companies.
Suppose a title search reveals that the seller must first pay a lien or
outstanding court judgment before his or her home can legally be sold. A
lawyer will address this issue by suggesting that the seller sweeten the deal
(for making the buyer wait) by granting a price reduction. The lawyer may also
provide the seller with suggestions or sources for financing so that the seller
can satisfy those claims. Attorneys will also be able to secure proofs that
those judgments and/or liens have been satisfied. This is important if you as
the new owner ever plan to obtain a mortgage or loan against the property
value. (For related reading, see The Best Way To Borrow.)
Property Transfers
When one or more parties are corporations, trusts or partnerships, the contract
preparation and the ensuing negotiations are complex. An attorney
understands these different types of business arrangements and their legal
boundaries within your state's law. As such, the attorney will ensure that the
contract is consistent with the law, but also that the terms of the deal in no
way violate the partnership's, trust's or corporation's charter agreements.
Filings
Real estate deeds often need to be filed at the county and state level. An
attorney will be able to do this quickly and efficiently. In addition, if the
transaction involves property where certain types of construction might not be
allowed, an attorney will be able to navigate the maze of state regulations so
that you may complete the transaction.
If the transaction revolves around commercial property, securing an attorney
is even more important. The attorney will be able to cut through governmental
red tape to obtain your tax identification number from the state, as well as
establish your corporation or sole proprietorship as a valid business entity for
state tax purposes. An attorney may also secure your actual business license
through the municipality as well.
