Title Searching: “The Things Passes With Its Burden”
In the purchase and sale of a property, the most important aspect of the transfer between buyer and seller is making sure that the seller has good title to convey to the purchaser. Not only does this mean that the seller has the legal right to sell the property but importantly that the property is free from encumbrances including but not limited to mortgages, liens, executions, assignments and notices. Further, you should be aware of any restrictions, covenants, right-of-ways and easements that may also be registered on the title and or run with the land.
Encumbrances need to be discharged, deleted and/or acknowledged before the title transfers into your name otherwise you may be held accountable, your title and conveyance may be challenged or voided, you may not be able to convey the property to another purchaser, and you may not be able to use your property as you intended.
When acquiring a new property make sure to review your title with your real estate lawyer so that you know exactly what was and what is registered on that property and before completing the transaction, make sure you have clear title and are aware and acknowledge any restrictions affecting your property.