What is a title search and why is one required by a bank?
A title search is prepared by our office in order that we may certify/insure to the bank that the title for the property in question is good and marketable. One component that we check is to make sure that all liens of present and past owners have been satisfied of record. However, there are many other important aspects that are considered when determining if a title to real estate is good and marketable. One that is frequently of concern in Perry County is whether legal access exists to the property. That is always critical when a property does not border a public road.
If my property does not border a public road why does it matter if no one is preventing me from using the existing roadway to gain access to my property?
A property that does not have a valid right-of-way is generally considered by a bank to be a credit risk and many banks will not loan money to the homeowner using that property as collateral for a loan. Additionally, when a property is placed for sale, properties without valid rights-of-way are not as marketable.
How can I find out if my property has a valid right-of-way?
Under Pennsylvania law there are several ways a right-of-way may be acquired. Our office can examine the title in the courthouse, review applicable records and determine if a valid right-of-way exists.
What if we cannot prove that I have a valid right-of-way to my property?
In the event that a valid right-of-way cannot be established, our office will assist you in attempting to negotiate an agreement providing access to your property.
Why do I need to have an attorney attend settlement if I bought my property through a realtor?
The answer to that question can best be answered by understanding the difference between the roles of the realtor and the attorney. The realtor's job is to help you find a suitable property. The attorney's job is to make sure that if you acquire the property selected, you will obtain good and marketable title and to insure that your real estate settlement is handled in accordance with established legal principles.