The main aim of the property title process is to purchase property and transfer the legal rights to use the property. There are different rules governing transfer of title in different parts of the world, however there is a standard process. In the land buying process the buyer has to go through a lengthy process of identifying all the lands physical characteristics and the ownership rights (Clarke, 2005). This means therefore that buying a house is a bit different from buying land. To make property purchase easier buyers must have a clear vision on the type of property they want in terms of location, size, price and the ultimate use of the property.
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When buying property it is vital that a comprehensive search or research about the land is conducted. A search can be done by help of experts or the people who plan to finance the purchase like banks or mortgage institutions (Hann, 2007). Apart from the online search one must also visit the area with a professional surveyor to make sure that the piece of property is not on land set aside for social amenities such as schools, roads, hospitals or sewage system.
All borders of the property must be clear as shown on the property map and all features shown on the map or as advertised must be there as indicated (Paul, 2008). Once a proper search has been done and the land ownership has been confirmed the buyer must check laws governing use of property in the area. Local laws can impose restrictions on what you can do with the property. Some restrictions may be so harsh that one cannot do any development on the property he or she has purchased (Banner, 2009).
For the real negotiations about the property to begin the buyer must meet the seller or his agents in person (Soto & Cheneval, 2006). Valuation is very important at this point because the price quoted by the seller must reflect the price of similar properties in the local market. This can depend on improvements done by the seller. Once this is done the next meeting is usually between the buyer seller and the lender who will in turn agree to finance the purchase of the property if there are no caveats (Bevans, 2008).
An offer to purchase the property is the willingness of the buyer to accept the transfer of title process to begin. If the seller of the property accepts the offer and payment is done then the buyer takes title to the piece of land. The offer to purchase is generally governed by the general rules governing the law of contract. The contract must explain the financing and any special arrangements (Siegan, 2001). The contract must be clear and the seller should not withhold any secrets.he should disclose all vital information about the property. The buyer of any property must carefully examine the conditions of any property and its title before purchasing it. This is very necessary to avoid future wrangles after the title has been transferred (Mackenzie, 2012). In assessment the buyer can also seek assistance from real estate experts.
The title transfer process ends in a legal formal closing. This is the point where the buyer and seller or their agents finally agree on the terms and conditions of sale and purchase of the property (Edwards, 2003). The seller sighns all the documentation relating to transfer of deeds and the financial agreements. If there is an amount of money to be paid in arrears, this should be explained in the contract clearly. These documents must be available to both parties some days before the transfer date to give them enough time to go through them before signing (Hagedorn, 2004). This gives them time to clarify issues before signing the contract.
Banner, S. (2009). How the Indians Lost Their Land: Law and Power on the Frontier. Cambridge: Harvard University Press.
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Bevans, N. R. (2008). Real Esate and Property Law for Paralegals. Alphen aan den rijn: Aspen Publishers Online.
Clarke, A. (2005). Property Law: Commentary and Materials. Cambridge: Cambridge University Press.
Edwards, A. L. (2003). Implementing Institutional Controls at Brownfields and Other Contaminated Sites. Chicago: American Bar Association.
Hagedorn, K. (2004). Property Rights Reform on Agricultural Land In Central and Eastern Europe. Quarterly Journal of International Agriculture, 43(4), 409-438.
Hann, C. (2007). A New Double Movement? Anthropological Perspectives on Property in the age of Neoliberalism. Socio-Economic Review, 5(2), 287-318.
Mackenzie, A. F. (2012). Places of Possibility: Property, Nature and Community Land Ownership. Hoboken: John Wiley & Sons.
Paul, E. F. (2008). Property Rights and Eminent Domain. Piscataway: Transaction Publishers.
Siegan, B. H. (2001). Property Rights: From Magna Carta to the Fourteenth Amendment. Piscataway: Transaction Publishers.
Soto, H. & Cheneval, F. (2006). Realizing Property Rights. Norderstedt: Books on Demand.