An Insight Into Requisition On Title
Title requisitions are associated with the questions pertaining to the sale of any properly drawn by the lawyers. This is something that takes place during the convincing process. It involves the purchaser’s legal team clarifying information and ensuring about the title to the property within 21 days from the date of contract. This usually involves finding answers to the topics that have not been discussed while forming the contract and other forms of queries regarding the property.
This can also include questions pertaining to disputes with neighbours about the fence or issues that were not evident during the inspecting. The questions are expected to be answered honestly during this inquiry session and there can be legal consequences of providing false information or in the case of failure to dispose of information. This article goes on to provide vital information on requisition on Title and how property lawyers provide vital assistance.
Importance of Requisition on Title
During a transaction, it is mandated for both the parties to give out all the necessary information before finalising the property. The questions laid out by the seller’s lawyer are faced by the vendor's solicitor and correct replies from both the parties are mandated. It is good opportunities to correct any mistakes made and find issues that they might have overlooked, this also covers the overlooked or un-discussed matters before it is finalised. It is usually a good practice to trust professional property lawyers when it comes to representation to avoid missing out important information. It is highly likely that there are restrictions on what the property can be used for. This is something the purchaser should be aware of to ensure they do not face any restrictions in the future. In the case of a mortgage, it is necessary to discharge this before the sale.
Types of Requisitions
- Equations as to Title: This is pertaining to the land, mortgages as well as other concerns pertaining to the property and may or may not be about the information included in the title deed.
- Requisitions as to Property: This will include queries about survey reports, building works as well as information on current tenants.
- Requisitions as to General Enquiries: These are other enquiries like those about adjustments that need to be made to the settlement.
- Requisitions as to Reminders: This is pertaining to the reminders for both parties and to do with the contract for the transaction of the property.
Consequences of false information
Requisitions on Title are a good opportunity to clarify the details and ensure the correct information has been provided. There can be several legal consequences of providing false information:
- In case of loss or damage to the buyer (due to false information), the vendor is liable for the repercussions.
- A vendor can rescind the contract in the case where they are unwilling to provide the necessary information requested by the purchaser.
- The vendor can get into trouble for both providing wrong answers and placing wrong information in the contract.
Property lawyers to the rescue
Property lawyers are specialists when it comes to taking care of legal concerns during a property transaction. This includes a wide range of services to ensure a buyer or a seller does not end up with a bad deal. They can assist from the very start with drafting and execution of the property contract, to provide valuable assistance in the case of a dispute. As the famous saying goes "it is better to be safe than sorry", hiring a good lawyer of this purpose can potentially save you a lot of hassle later. They can also save you tons of money and do so at a fraction of the cost as compared to having a bad contract.