In any real estate transaction, the seller is usually required to fill out certain forms of disclosure in order for the buyer to know the important defects. The details of these requirements vary widely from state to state. Even in states where the seller is not required to complete forms of disclosure, it is still required that the seller disclose certain material or material defects in the home.
Furthermore, if your State does not require a seller to disclose a defect to the buyer, failure to do so may lead to future litigation with the buyer when the buyer discovers the defect subsequently; those probable future problems can be avoided by simply reporting the defect and treating it in the first place.
Title security and take it home
Obtaining title security is a standard procedure when buying a home. A title insurance company will examine title history and property owners as well as attempt to identify any issues that could adversely affect the acquisition of title to the property. In addition, title insurance protects you if someone tries to own you, and / or you must defend your title deed in court.
Another decision to make is about how the title will be extended to the buyer. In the case of a single person who buys the house, the transfer deed of the title is relatively simple, in which the title is placed only in the name of that person. When there are two or more buyers, however, there are different options for acquiring the title of a real estate. For example, buyers may purchase the title of a property as joint holders with right of survivorship.
In this case, if one of the owners dies, then the other automatically receive their share of the property. In contrast, buyers can acquire the title in common, which does not give the right to survive.
Consequently, if an owner dies, his share in the property passes to his heirs according to his will, or, if there is none, to the survivors of his family based on intestate laws. Even more so, for married couples, the typical method of acquiring the title is as forcers in their entirety, whereby upon the death of one spouse, the other automatically becomes the sole owner of the property.