Attorney’s Preliminary Report
Importance of Attorney’s preliminary report
The land deals are extremely important investments made by anyone because of the money that is involved. This is the reason that this field witnesses the most cases of frauds. The frauds are generally involving the title fraud or fraud associated with the person trying to sell the property that does not solely belongs to him and heirs and co-owners whose representation is mandatory in closing the deal.
The attorney’s preliminary report is a written document issued by the attorney in approval of a title of a property. This document is provided to the insurance company by the attorney so that the title insurance can be obtained by the buyer.
The issuance of this preliminary report is based upon the searches that are made through the public documents. These searches are extensive and require an attorney who is experienced in such matters.
The title defects may lead to many problems for the buyer or the new owner of the property. This is because there may be hidden hazards that are associated with a property which the seller may not disclose during the closing f the deal either deliberately or unknowingly. The hidden hazards may be
- There is a co-owner who has not been disclosed to the buyer
- The heir of the property does not agree to the selling of the property
- The deed of the land is forged
- Any type of mistake in recording the property in the public records
This is why it is important for any land buyer to have a title insurance.
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