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Anita Kay
866-632-5491 |
Buyer Tips | Seller Tips | General Tips | Real Estate Glossary
The people who do title searches have an extremely important job. They must
ensure that the sellers really own the property being sold and that all liens
against the property are being paid off as a result of the sale.
If the seller has had financial difficulties, for instance, and didn't pay his
bills, there may be judgments that must be satisfied on or before the closing.
Someone in addition to the party who signed the sales agreement may have an
interest in the property. If so, it will be necessary for that person to sign
the sales agreement and the deed that transfers ownership to the new buyer. The
preliminary title report will also show any easements that run with the
property. In addition, the Title Company will go back many years, examining what
is called the "chain of title". If you learn that the property you are
buying has title problems, don't panic. Most of them are resolved easily and in
plenty of time to avoid delays in the closing.
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