Dear Michael: we are purchasing a home. The escrow officer tells me that as part of the closing steps we need to record title before we can claim ownership. What is recording Title all about?
Answer: When you purchase real property, you receive a notarized written document called a “Grant Deed”. The Deed transfers ownership (title) of the property to you the purchaser. The conveyance of real property is not complete until the deed is delivered to you or your authorized agent. The deed needs to be recorded at the county recorder where the property is located. The purpose of recording the deed is to give “notice to the world” that you now have an ownership interest in that particular piece of real property. Recording also tracks the chronological chain of title. Before you purchase real property, you can follow the chain of sales and transfers of the property, from the original grant of the land, all the way to the current owner. When title insurance is purchased, the title insurer checks the change of title to determine whether any past defects occurred in prior conveyances and transfers. Defects may then be pointed out and may be excluded from coverage. As a purchaser of any real property, you always want to make sure that during the previous years the property was transferred, the grantor kept clear title to the property.
Dear Michael: When I purchased my home I was told it was zoned R1. Now I am told that my property is zoned R2. Where can I get the accurate property zoning?
Answer: Good to know that when you purchased your home you were not told that the property was R2 to find out that it is R1. A reversal of fortune could have caused you hardship. The definition of R1 zoning is strictly for single family residence. R2 is for duplex or 2 units. Best to go to your local zoning office, city hall, or some of the other local planning board and obtain a copy of your local zoning ordinance. Zoning ordinances and zoning maps are public records. In some localities, if you have a legal description of the property (name, address, tax map and parcel number), you can phone the appropriate zoning department and request information. Some communities have their zoning maps and their zoning ordinances online and in local libraries.
Dear Michael: I am making an offer on a house where the term “As Is” is used in the description. Should I worry about buying the house in its current condition? What if it is in need of major repairs?
Answer: “AS IS” means the property is sold without the seller making any repairs. This is common language for foreclosure and short sale properties where the seller will not make any repairs. In exchange for the “as-is” condition of a foreclosure and short sale the buyer will usually buy the property at a discounted price. The term “as-is” can also mean that the buyer is buying the property in its current condition. All repair items may not be obvious so it is imperative to get a license home inspector to inspect the property. The condition of the property is one of the most important factors. Buyers need to know what they are purchasing. And yes, that includes a termite inspection or any other items requiring inspection. Keep in mind, it never hurts to ask the seller to repair some items. More often than not, when a seller is in escrow and is motivated to sell, he/she will concede to the buyer’s repair request and credit all or part of the repairs despite the “as-is” clause.
Michael Kayem is a Realtor with Re/max Estate Properties serving Culver City and the Westside since 2001. You can contact Michael with your questions at 310-390-3337 or e-mail them to him at: homes@agentmichael.com