Boston Property Management: Title Report
The title report is one of the most important property documents. It gives the buyer a lot of knowledge about the property which is to be purchased. Basically, it lets you know who owns it, if there are any vesting and all details about the home. If there are any encroachments, liens or easements. It is a document which protects you and gives you some wiggle space. The report is compiled from a search of the county records and any liens are listed as exceptions to the title policy.
The legal description
This is the most important part of the title document. This is like the fine print as it describes the location of the property and the legally defined properties of the home. It is important as you will know what area your property covers and what is legally yours or not. If this is a condominium, then it will let you know if you have any interest in the common area. Not only that but you will also know what you are entitled to in terms of parking or storage as well as exclusive or non-exclusive easements.
Boston Property Management: Taxes
If you are a seller, your property taxes will show up as a lien on the title report. An important point to remember is that you can’t transfer a property unless you pay off your property taxes. So, the lien will mention if the taxes have been paid or not. The owner should settle all taxes before the property is sold. The buyer must ensure that he reads the report.
Mortgage liens are third in the order of importance. They are listed in the order of the importance. The one which has the highest priority is the one which is listed first. When the sale is completed, the liens must be paid off in the order they appear. This means that if there is a short sale and there are not enough proceed to pay off the property taxes and all the lien holders. So, the lender must agree to a short payoff.
If there is another property owner attached to the property via an easement, this means it will be recorded on to it. It will only be removed if both parties agree on it and then it must be put under a review.
We hope you liked our post “Boston Property Management: Title Report”.