Buying a house is a significant decision. As such, there are numerous tools that you and your attorney can use to protect yourself if something goes wrong during the buying process. To take the necessary precautions, you would include contingencies in your Agreement of Sale. A contingency is a condition that must be met before you can complete a purchase. There are many different types of contingencies that you and your attorney may choose to include in your agreement, one of which is a title contingency.
What Is a Title?
A “title” in real estate refers to a property’s record of ownership. Not only does it contain details regarding past owners, but it will also include liens or judgments made against that property. In most cases, before you buy a new home, your attorney will examine the property’s title to make sure it can be properly transferred to you.
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