Whenever anyone buys or sells real estate, and uses any kind of mortgage financing, the mortgage company will require that a title search is performed before an approval will be granted for the closing to occur.
The purpose of a title search is to enable the company providing the funding for the property to be certain that they will own the property outright if you should default on your mortgage payments. In order to do this, the mortgage company or finance company first needs to determine that the property is free from all liens and encumbrances of any nature that could effect the sale.
The main focus of a title search is to satisfy the criteria of whether the property is free of liens, whether the seller has the legal right to sell the property, and whether there are any restrictions on the property such as easements, or land use allowances.
The cost for a title search is included in your closing costs, and the closing will generally not proceed without a clear title.
Your MA real estate attorney will be able to walk you through each closing process and cost and give you the answers to any questions you may have about the procedures being used at your closing.
If you are considering the purchase of real estate in Dedham MA, contact the Real Estate Law Firm of Crowley & Cummings LLC for expert and timely advice and counseling.
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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
Monday, November 1, 2010
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