Title Exam IssuesThe Paralegal Resource
September 4, 2012 — 997 views
If you work or intern for a law firm that specializes in real estate, you will probably be involved in performing title searches to make sure that the title of property is free and clear. At some point in your work, you may encounter land with a clouded title and you will need to address the issue. You should discuss resolving Title issues with the attorney to work for to determine how they want title issues addressed.
Whether the law firm specializes in commercial real estate or residential real estate, a clear title is vital to a successful real estate transaction. Not having a clear title could cost the new owner of the land millions of dollars and end up costing the law firm also. Making sure that title is clear is paramount to being a reliable title searcher. It also is a job done best by those who are capable of incredible attention to detail.
There are many ways that a title can be clouded. If the owners can’t be ascertained or some of the owners have died and left heirs, the title may present a problem. It is also important with their property to know whether the deceased previous owners left a will or died intestate. Supplemental paperwork is important to clarifying title issues and requires a little additional legwork that is worth it in the end.
It is also important when there is a corporate owner of a property to get correct information on the corporation to make sure that the title is clear. This may require you to do research with the Secretary of State in order to determine who the true owners are and whether they have encumbered the land independently of the corporation. Most title issues require a little paperwork to clarify, but can be remedied with the recording of the correct documentation.
Easements can also present a problem to the title if they have not been recorded for some reason. It could look as if someone owns a property in fee simple on paper. If you look at the physical property that the owner owns on paper, a road through the property to a landlocked parcel could present a significant issue for a prospective buyer. Making sure that easements are disclosed in the title work is very important.
A clear title is important to every property transaction. Being able to identify and clarify any title issues or any matter that looks suspicious can be important to closing a real estate transaction in a timely manner. Quickly identifying and correcting title issues can make you a very valuable employee.