If you are closing on a Boston condo for sale the closing attorney will need to prepare title documents, sometimes referred to as a title search. The title search is a thick document that is sent to anyone who has interest in a property. Easements, right of ways, and deeds are all reflected in the title search, which has to be fully updated to the time that you are closing on a transaction.
What is a Boston condo title search?
A title search is an examination of a downtown Boston real estate property starting with the current owner and the records associated with that particular Boston condo. The title examiner starts with the current deed and searches prior ones to establish a chain of ownership for a period of no less than 50 years. Then he or she copies and reviews all of the deeds in the chain to verify that ownership had been transferred correctly. There are things (known as “latent defects’’) on a deed the new owner could inherit — an incorrect property description, for example.
What does a title search consist of?
Once the title examiner has established the multi-year chain on the Boston Beacon Hill condominium, he or she then maps the ownership starting from the first deed, verifying that all liens and other encumbrances have been released. For example, I have a mortgage on my home. This is considered a lien, which makes my title less than marketable. If I decide to sell my home, I would have to pay off the mortgage using the proceeds from the sale in order to give the new owner a good title. A few examples of other encumbrances could be unpaid condo fees and municipal or Internal Revenue Service liens for nonpayment of taxes. These liens need to be dealt with prior to a sale, because a new owner could be held responsible for them if they are not addressed.
How Much does a Boston condo for sale title search cost?
Examinations typically cost $175 to $300, depending on the extent of the search for the Boston Seaport condo. If you are buying a Boston Midtown condos for sale and need a mortgage, your lender will require a title examination, and you will foot the bill. If you’re buying a home but don’t need a mortgage, I highly recommend that you hire a professional title examiner anyway. Better to be safe than sorry.
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