Land Title Analysis

After talking to my friend and reading the land title of his potential house I’ve noticed a few problems. The land title itself has several caveats that caught my intention right away. The first issue is that there is still a mortgage out on his property which could cause him to take over the mortgage if it has not been paid off yet. Secondly there is a possessory interest looking at the address I am lead to believe that it is related to the fence issue that he talked to me about. This could mean that he might be buying a smaller property than he thought. Another Caveat on the title is a tax notification, which means that at one point in time someone did not pay the taxes on the property. So when purchasing this property, he could also be taking on the responsibility to pay the taxes outstanding on the property. The last caveat on the title is an agreement of purchase and sale which could cause a large problem. The last thing that caught my eye could be the biggest problem, the owners are listed as joint tenants and my friend only dealt with a guy when going through his property. If he only buys the property off one of the …show more content…
This process will only be successful if the true owner does not try to regain his property through legal methods in 10 years. After the time period a person can request a possessory title which will make them the true owner. In our case the caveat of possessory interest was filed in 2009 and it is currently 2016 so the time period has not passed yet. There is still a chance that my friend or the previous owner can legally regain their property. Through the correct legal proceedings, the property can be regained, this means that it should not actually be a problem for my friend. The only issue he should worry about is that he might want to think about rebuilding his fence so that in encloses all his property so this issue does not come up