Real Estate Law
What is Title Insurance?
Title insurance protects a buyer of real estate or a lender who loans money with real estate as security from defects that may be discovered later. During the sale or loan process, a history of the title for the property is checked by a title company to determine whether the current owners are the sole owners. A title search and title insurance ensures that the property can be conveyed to the buyer or held as security by the lender and that the buyer or lender are protected against problems with title to the property later discovered which may impact the value of the property.
What does right of survivorship mean?
If one or more persons own title to real property, right of survivorship allow for the one or more surviving after the first to die, takes equally the deceased persons interest. Any two or more persons (including husband and wife) may hold title as joint tenants with rights of survivorship. Only spouses may hold title as community property with rights of survivorship.
What does a “Real Estate Attorney” do?
Real estate lawyers prepare and review real estate transactions, including purchases, leases. They also help resolve boundary disputes and title and survey matters and help clients address environmental issues. Real estate lawyers can assist clients with the lending process, including the review of lending documents. Lawyers who practice in the real estate area are also involved in assisting clients with land development and construction matters.
What are the difference types of deeds?
A deed conveys title to real property. There are basically three types of deeds. A quitclaim conveys whatever interest the grantor may have and nothing more. A special warranty deed conveys the interest the grantor has and the grantor agrees that he/she has done nothing to negatively impact title. A general warranty deed conveys the interest the grantor has and the grantor agrees that he/she will defend the title to the property against anyone holding title in the past.
Is a lease a contract?
Yes; generally speaking, a lease is a binding legal agreement or “contract”. Although contracts can be amended by the parties, the parties to a lease are not required to agree to an amendment.