The Importance of Land Titles and Why You Should Care
Land titles are important because they confirm ownership of a property. This can help prevent future disputes over the land.
A title search can reveal information on property taxes, work agreements, easements, and other recorded covenants. It can also identify liens against a property and highlight any unresolved issues with deed documentation.
Land titles Buford, GA are the legal way to prove ownership of a piece of land. They identify the owner and provide information on liens, easements, and other issues that affect ownership rights. With clear land titles, people can avoid losing money or finding themselves in pointless legal battles.
Whether you’re building your dream home or commercial property, a clear title means you can use the land to meet all your legal obligations as a landowner. This includes paying municipal property taxes and following land use bylaws.
Land titles establish ownership of land and ensure that those listed in official records have undeniable rights to the property. This prevents the stealing of property and other illegal activities that can occur without a legally recognized owner.
In addition, a land title transfer ensures that a property’s records are up to date, providing an easy reference when dealing with the land. This also helps to avoid disputes and legal challenges.
While a developer may give you a timeframe for your block’s title, this is only sometimes accurate. A lot must be done to a block of land before it can be titled, including roads, services, retaining walls, power domes, and more. Sometimes delays happen for various reasons, including weather, availability of contractors, and more. Land titles are important for governments too. They help to assess and collect land and property taxes accurately. This improves government revenue and allows for a better understanding of land use.
Secure property rights are vital for a developing economy. They give individuals the confidence to invest in real estate, allow private companies to borrow – using land as collateral – to expand existing businesses and create new ones, and help governments collect property taxes to provide services for citizens. However, only 30% of the world’s population has legally registered land titles.
Restrictive covenants are a standard that sets out the requirements and restrictions on property owners in a particular community. Despite being important, restrictive covenants can have drawbacks. For example, suppose an employee is subject to one that prevents her from working for a competitor. In that case, she should seek legal counsel to ensure it’s not in violation of her contract of employment or other laws.
A land title is an official record that confirms the owner of a piece of land and shows the legal description of the property as well as liens, encumbrances, easements, and covenants. With a properly transferred land title, it is easier to prove property ownership, leading to legal disputes and loss of assets.
A registered title also provides a quick date official record of who owns a parcel of land, so individuals only need to peruse a little documentation to establish ownership. Additionally, a registered title is state guaranteed. This means you can claim compensation if you suffer a loss due to a mistake made in the register by the Registrar.
While your home builder will provide their best estimate of when the land will be titled, it is important to understand that delays can occur. This may impact your contract value and cause you to incur additional costs or re-price your entire building contract.