Bona Fide Purchaser
A title examination is a key component for anyone who is purchasing a home or property. When a title examination is issued on a particular property, it allows the complete history of the property to be divulged, releasing any information that might have been overlooked. Title examination allows the current investor to claim BFP Bona Fide Purchaser on their investment, meaning there is no other claim in acknowledged existence against that property. The terminology of BFP first started with Leasehold properties and the conflict of new ownership, where new owners were faced with challenges from tenants supplied with agreements under past ownership. By the laws of BFP investors have the rights to their property clear and free regardless on any pre-existing claim intentionally hidden.
Having title insurance and making sure your records are properly recorded are two main important factors in obtaining real estate. The recording statue of one’s investment is called recording of land titles, which can be done by an appropriate county office or clerk.
Proper recording can keep the community aware of any changes regarding property ownership, existing claims, liens or inheritances. The recording of property is carried out through a series of stages, with three types of recording statues in place. These statues are race, notice and race-notice, the last statue combines the elements of both race and notice and is most commonly used.
Ordering and Examining of TitleRole of a Legal Assistant
The roles of a legal assistant are not solely made to aid attorneys at law anymore. These detailed oriented professionals, with the available training classes and seminars, have assumed the role of assisting in title exams. This is in the event that they are not already conducting them themselves.
Today, paralegals are equipped with the skills and knowledge to efficiently track the title examination process, knowing what data to search and what documents to request. The high demand along with the time consuming process of analyzing the data from title exams created a need for more assistance with the process.
Legal assistants meet this demand since their background stems from a profession that analyzes a huge amount of information and they are trained to pay close attention to detail.