The Attorney’s Role
Kathy Riggs May 3rd, 2009
Welcome back to my blog taking you on a real esate transaction as if we were riding along beside the buyer. And we are almost to our destination!
In my previous post I commented about two tasks that are handled between contract signing and closing – the appraisal and the title search. Both are handled by professionals trained to do those specific jobs and although real estate agents know how important they are to the transaction, they have no role in performing these tasks. My previous post focused on the appraisal.
Now let’s look at the title search.
The title search is performed by a real esate attorney to determine that the title to the property can be transferred free and clear of encumbrances. Taking title to property means having actual lawful ownership of property. “Title” is a concept, not a document. The document giving someone ownership in real property is the deed.
To determine if the title is free and clear, the attorney will check records at the county courthouse in which the property is found. The buyer will pay a fee for the attorney to perform the title search and a one-time fee for title insurance. This insurance protects the buyer if anyone ever makes claim on the property.
And at this point, I will direct anyone who has questions about title to real property to contact their real estate attorney. Suffice it to say, the title search is very important and the one-time fee for title insurance is a smaill investment to secure the buyer’s interest in the property.
on the lighter side
Did you hear about Robin Hood’s house? It has a little John.
SHAMELESS PLUG
Join me for an open house from 4-7 p.m. Wednesday, May at 2330 Stallings Drive, Kinston NC. The interior has just been painted and is ready for a new owner. Call me at 252-939-2432 or email me at kriggs@kathyriggs.com
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