Title Search and Insurance
Why a Title Search and Report? Why are transactions unsuccessful? The main reason is that many buyers cut corners on due diligence. Mistakenly believing that they can gain time, save money or spare feelings by shortening this deal phase, buyers miss out on this valuable one-time chance to explore the risks inherent in buying real estate before signing on the dotted line.
A title report is a key pedestal in your due diligence, it is important for sellers and buyers alike. It makes little difference whether the value of a property stems from the location, view, or even the construction.
Every transaction requires a title report. Simply put, in the transaction process, a title report is your safety net. It reduces the potential of being caught by surprise when a transaction ends in lost time and money.
A title search and report by International Land Title (ILT) – the analysis and study of the risks that the real estate property poses – can make the difference between success and failure, far more than searching for titles; ILT makes a complete analysis of what constitutes title of the current owner(s).
Do you know how good the title is?
Whose property is it that you’re buying? Are the taxes and homeowners fees paid? Are there any easements affecting the property? Is the legal representative truly entitled to sign?….. Find out.
The Title Report summarizes each instrument in chronological order along with information relative to taxes, judgments, special assessments, Trustees Fees, and the like. However, the title report does not pass judgment on or guarantee the condition of the title.
Why Title Insurance? In a few words “Peace of mind”, You’re buying property in a foreign country with a different culture, laws, practices and language.
What are the chances of things going smoothly?…not high. When you buy property in the U.S. you buy title insurance for a reason, why wouldn’t you buy it in a foreign country? And so it will happen that somewhere along your buying process, title insurance will be mentioned; the experienced and knowledgeable professionals will tell you it’s a good investment.
Others will discourage you based solely on the cost (no other factual reason can be given), such a statement is shortsighted and dangerous; the cost is minimal compared to your investment and in the event something happens, wouldn’t you rather be at peace that someone will be looking after you than looking for the one person that said you don’t need it?
ILT has been providing title insurance service in Mexico since 1986, the experience we have in the field is unparalleled, even recognized by Forbes Magazine (December 10, 2001).
Throughout these years, we have teamed up with various title insurance companies. We put them to the test as they did with us. Now, ILT works exclusively with the best; Fidelity National Financial Global Solutions in New York. The service and quality of these people is by far the best, 16 years of experience qualify us to make such a boast statement.
Buying real estate is the ultimate “caveat emptor” transaction. After the closing, the buyer is alone. Given the ownership of real estate property, there is no “seller” to go after.
This article is reprinted with permission from International Land Title. For further information, you can contact through their web site at:www.international-landtitle.com.