Title Examinations in a Real Estate Transaction
Are you wondering what type of role title examinations play in your real estate transaction? Buffalo Real Estate Attorney Richard H. Cole explains in this educational legal video. Do you have questions about title examinations in a real estate transaction? Contact our office to schedule a consultation with an experienced real estate lawyer today.
- Title examination is among the most important elements of a real estate transaction. The buyer’s attorney will receive an updated search and survey, tax receipts and a proposed deed from the seller’s attorney. Then, the title report will be prepared and examined to ensure that the property is free and clear of any deficiencies in the chain of title or boundaries.
- The title will follow the property’s ownership back at least 80 years, assuring the title examiner that there are no breaks in the chain of title and that no one from the past can attempt to assert a prior claim of ownership.
- The survey is a bird’s eye view drawing of the property showing where the house and any other structures are situated on the lot. It shows the property’s actual boundaries and indicates whether anything owned by others may be encroaching upon your property.
- The buyer’s attorney will ensure that any form of encroachment is addressed before closing.