Too often, residential purchasers neglect title review when buying a property. While title insurance (typically purchased by the seller) provides assurance that the seller has a marketable title to the property, those policies often carry exceptions, for example related to building moratoriums or other jurisdictional restrictions, that a buyer might not be aware of.
We thoroughly research title insurance commitments for our clients. Since review of title is considered the practice of law, a purchaser should not count on any title guidance or related assurances from a realtor. Title insurance exceptions are not spelled out in basic buy-sell agreements, which explicitly state that the buyer should seek legal counsel to ensure he or she is completely aware of all title matters associated with the property.