Real Estate Law Archives - JP Lin Law Professional Corporation

What are the different ways someone can hold title?

admin — Fri, 22 Feb 2019 01:14:07 +0000

Joint tenants, where owners have survivorship rights when one or more other owners die. Tenants in common, where owners retain individual rights to the property, as interests are disposed of as part of their estate, and does not pass to other owners. Trustees, where title is held for the benefit of beneficiaries, etc.

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What are some benefits to getting a lawyer to review a pre-construction contract

admin — Fri, 22 Feb 2019 01:12:48 +0000

The lawyer can make sure that any surprises are disclosed – for example, hidden or additional costs. What happens on closing in the event the property is used as investment property rather than as a principal residence.

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Does your Real Estate lawyer need a survey?

admin — Fri, 22 Feb 2019 01:10:16 +0000

Although not necessary, a survey is useful for a lawyer to determine whether there are encroachments on the land being purchased, and to help confirm that the land being conveyed is what the purchaser thinks they are buying.

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What is Title Insurance?

admin — Thu, 18 Oct 2018 06:37:45 +0000

Title insurance is a policy that insures that a property owner is able to have what’s called “good title”. Meaning the owner is able to convey land to someone else, because they have the proper legal ownership required.

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Is Title Insurance mandatory?

admin — Thu, 18 Oct 2018 06:35:45 +0000

Title Insurance is not mandatory. It usually takes the place of searches that can be conducted by a lawyer respecting: zoning compliance, building permits outstanding, tax arrears, utilities arrears, which can add up to be more costly than the Title Insurance premium. Accordingly, a lawyer often recommends title insurance to take the place of these.

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What are some problems that can be addressed by having title insurance?

admin — Thu, 18 Oct 2018 06:34:32 +0000

Other than paying utilities and tax arrears, it can also address problems that are discovered after closing – for example, construction issues with the property that arise due to a previous owner not having the proper permits or compliance with building code when making improvements or doing renovations.

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