Buying
02/5/19
Once buyers find a home they love, they enter into negotiations that will ideally end in the sale of the home. Home buyers start with a million questions, then discover a million more questions along the way. That’s why we’re putting together a series of blogs that aim to demystify some of the essential aspects of real estate. Today, we’ve invited our colleague Anthony Troiano, an attorney with over 20 years of Real Estate Law experience, to tackle this one. He's diving into the title—a vital, but sometimes bewildering, piece of the home-buying process.
If a buyer is obtaining a mortgage (or if a buyer is purchasing their property without a mortgage), the closing attorney for the lender will examine the public records relating to the property for a period of at least fifty years, in accordance with the title standards required by the Real Estate Bar Association of Massachusetts. The title examination will follow the “chain of title” and detail the sale of the property between previous owners, as well any recorded instruments or liens which affect the property, including but not limited to easements, outstanding mortgages, bankruptcies, divorces and federal tax liens, etc. For example, the telephone company may have an easement to access the property in order to maintain the telephone lines or the owner may “share” their driveway with a neighbor pursuant to a common driveway agreement. The closing attorney will review these matters in order to determine what matters affect the title to the property and if the buyer will receive a “clean” title to the property. The closing attorney will also certify the title both to the lender and buyer in accordance with the applicable state statute.
Certain matters which are not part of the public record can also affect the title. Title insurance offers protection for certain defects which are not apparent from a title examination, such as forgery, fraud and clerical errors, as well as latent defects; title insurance is available for the protection of both lenders and buyers and is highly recommended.
Want to learn about all of the aspects of the buying process? Read on!
The Offer The Purchase & Sale The Inspection The Appraisal
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