What Happens if there is a problem with a property title?
Our partner, Andrew T. Walsh, Esq. with more than 20 years of experience in the law field, shares some of the issues that must be taken care of when purchasing a property that, if they are well addresses, will avoid problems after making the purchase effective.
When is a title ordered?
A title is typically ordered after the contract has been approved by all parties, usually even after inspections are done. The title is necessary, especially when there is any loan to purchase the property, because title insurance ensures that you are the rightful owner or will be the rightful owner of the property. No one has any competing claims or interests or liens or judgments against that property.
What Should I Need to Know Before the closing?
If there are problems that are revealed during the title and other things that come up or whether it is in a flood hazard area, whether there are judgments against either the buyer or the seller, whether there are tidelands issues, anything along those lines. Those issues need to be addressed before closing because, one, if they are not addressed and cleared up before closing, the bank is not going to lend you any money, and two, you do not want to buy a property that is subject to any of those issues.
Call a West Long Branch Real Estate Lawyer Today
At Chamlin, Uliano & Walsh, our skilled team supports buyers in Red Bank, Freehold, Long Branch, and Monmouth County in all buying/selling processes.