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Eileen M. Day ««
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TITLE DEFECTS
| Title to real estate refers to the • ownership of the land. When a real es• tale deed is signed, notarized, and deI livered, title — or ownership — passes | to the buyer. It is very important to • both the buyer and seller that there be I no defects in the title.
When buying land, you should al; ways have the public land records 1 checked to insure that title to the real ! estate you are buying is free from de! fects, such as for example, a “missing ; heir” who has failed to sign a deed in ; the chain of title, or unpaid taxes. If < there are any mortgages or other liens I against the property, they will also be J discovered. Normally unpaid taxes and ‘ liens pose no problem because they are • withheld from the purchase price and ! paid —at settlement — to the creditor. ) The seller wants to be sure there are | no title defects because he generally > guarantees good title in the deed. This • is called a “general warranty”. If any ! title defects later surface - even if they • are not the fault of the seller — the | general warranty makes the seller le> gaily responsible for the problem. ! If there is anything we can do to
help you in the field of real estate, ; please phone or drop in at EILEEN M. • DAY, Realtor, The Clopton House, • Washington, VA 22747. Phone: 6753400.
We’re here to help.
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