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Important details provided by a title report

Whether you are a first-time home buyer or a veteran of the real estate market, you should know the importance of reviewing a title report carefully before you proceed with a purchase. The legal verbiage often included in a title report may be a bit daunting but it can be learned and the details provided in this report may help you feel more confident about buying the property or it may make you realize this particular property is not right for you.

As explained by Redfin, one of the things you may learn through a title report is that the person attempting to sell the property does not actually have the legal right to do so. Many things might contribute to this and a previous divorce where the former spouse is still a named co-owner on the home deed is just one of these factors. Even if a purported seller has the ownership rights needed to sell a property, there may be liens that will need to be paid before a sale can be completed. These will be detailed on the title report as well.

Some properties come with rights to others for use of certain portions. These rights, referred to as easements, may be temporary or permanent. You will want to know about such a thing as its existence and location may impact how you use your property.

If you would like to learn more about what you should be looking for in a preliminary title report and why you need to review it carefully, please visit the residential property buyer's page of our Louisiana real estate website.

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Lundy Lundy Soileau & South, LLP

Main Office: 501 Broad Street Lake Charles, LA 70601 | Phone: 337-439-0707

Mailing Address: PO Box 3010 Lake Charles, LA 70602 | Fax: 337.439.1029