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Does A Title Policy And A Survey Really Mean Anything
Dated: September 27 2017
Searching the title is what tells you the Texoma home buyer if the person selling you the property can really sell it to you. This search gives alot of information about the property itself such as what we just mentioned who owns the property, the legal description, the taxation on the property ect.
Let's discuss the owner of the property and the chain of title. So what is a chain of title... this is the history of ownership itself. Who has owned the property and how was it transferred each time it sold?
Was there at any time a break in the line of title? If so the title search will show this. How does a break in title occur one might ask. If at anytime the property was sold without a title policy this could cause a break in title. Believe it or not there can be a purchase of Real Property without a title policy. It is highly recommended that you only purchase a property that has a title policy that shows clear title when you purchase a Real Property. To do otherwise can cost way more than the title policy ever would.
EXAMPLE .... of this
We had a set of lots for sale .... the owner of the lots said to me the county said there is a structure on my property but I did not build anything on the lots. Hmm ok let's go and check on this and see what is going on. Well guess what happened someone built on the wrong lots. Yikes how could this have happened? This is how it happened, the buyer of the lots purchased the property without a title policy and without a survey they did not use a Realtor. The Real Property was purchased with a Bill of Sale. The title policy by itself would not have shown the location of the lots, but the survey would have. Needless to say a shop, driveway, water meter electric were all placed on someone elses property.
Does a Title policy and a survey really mean anything? Yes it does make a difference....
This is what happened in this case. I went and knocked on the persons door and asked to speak to him concerning the lots they purchased. To their suprise they did in fact build on the wrong lots. The owner of the lots that were built on by mistake were very nice about it. They realized that a mistake was made and it was just that a mistake. They switched lots and they person that made the mistake was happy to do so. This could have been a mistake with much more cost involved than just switching lots. The owner of the lots could very well have said, thank you for the buildings and all of the improvements.
It all turned out in the end and the lots were switched and sold to another party.
Please contact your local Realtor and please get a Title policy and a Survey.
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Does a Title policy and a Survey really mean anything?
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