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TITLE EXAMINATION
When purchasing a home, it is important to know that the Seller has good, marketable title to sell you. One of the closing attorney's responsibilities is to examine the
public land records to determine the condition of the Seller's title to the property. This examination will disclose:
- whether the Seller is in fact the legal owner of the property;
- that the estate or degree of title you have agreed to purchase is currently and properly vested in the Seller;
- the presence of unpaid mortgage, judgments or other liens which must be satisfied before clean title can be conveyed to you;
- restrictions, easements or rights of way for roads, alleys, utilities, etc. affecting the property which may limit your rights even though you will own the property; and
- the status of property taxes and other public or private assessments.
It is also important for the Seller to be aware of the condition of his or her title to the property being sold, because it is customary for the Seller to give the Purchaser a
warranty deed to the property upon closing the transaction. An attorney, aware of such title defects, should be able to resolve, or cure, them prior to the closing, avoiding the necessity of any litigation
concerning title to the property.
Title insurance further guarantees that the Purchaser is acquiring clean title to the property. Lenders generally require that a title insurance policy be provided to
protect against title problems. Purchasers can also purchase coverage at the same time for a discount to protect them.
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SURVEY
Most lenders require that they be furnished with a survey of the property showing the location of the dwelling, other structures and fixtures (such as fences) on the property and
that they be within the boundaries of the property. An attorney, who may procure such a survey, should be able to examine it and determine such compliance, avoiding further title problems. As a
cautious Purchaser, you should insist upon such a survey even if your lender does not require one.
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DOCUMENTS
An attorney will be responsible for the preparation and/or examination of all of the documents necessary to complete the transaction. Such documents include the warranty
deed, closing statement and other related papers.
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CLOSING
The final settlement, or closing, of the transaction will be conducted by your attorney. At the closing, the parties and their attorney's will assemble at a place and time
most convenient for everyone. The closing documents will be explained, executed and all financial matters relating to the transaction will be reviewed and approved by the parties.
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AFTER THE CLOSING
An attorney's job does not end at the closing. Often, details, such as ensuring that the closing documents are properly placed of record, including deed, releases of liens
relating to the Seller's interest and issuance of the title insurance policies extend beyond the date of closing.
An attorney's role in real estate transactions, therefore, may include consultation prior to the signing of a contract, the actual preparation of a contract, or approval of one
already prepared, title examination, preparation, examination and explanation of closing documents, presiding over the closing of the transaction and supervision of the post closing details. All of this
work is done in cooperation with Purchaser, Seller, Lender and REALTORS®.
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CHOOSING YOUR ATTORNEY
Because many attorney's today are specialized, it is important that the attorney you hire to represent you in the sale or purchase of your home is familiar with the current real
estate practice in your area. It is also important to discuss before hiring an attorney, the details of the transaction, the services to be provided and the costs and fees for which you will be responsible.
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