Show HOME B BUYER YER CLINIC By Richard H H. H Howlett Hewlett President American Land Title Association Preventing Problems Land title companies make an important contribution to the stability of the real estate market through preventive work that helps hE avoid costly ownership problems The experience of a home buyer in an eastern state will illustrate In the title search that preceded closing it was disI discovered dis dis- I covered that the two acres t being purchased purchased pur chased by this buyer fprmer fprmer- ly were part of a five five acre acre tract A prior deed to the Howlett Hewlett five acres contained con con- tamed a restriction prohibiting prohibit prohibit- ing use of this for any purpose pur pur- purpose pose other than for a single family dwelling and the usual out buildings Since the three acres of the tract that were not part of the current purchase already already al at ready contained a single family fam fam- ily dwelling a question arose as to whether another home could be constructed on the theother theother theother other two acres without the danger of a successful title challenge Under the old deed restriction The title company insuring the buyer recommended that releases of the restriction be obtained from all the owners who acquired property from the owner of the original five acres Then the title company assisted an attorney in securing securIng ing these releases so a home could be safely built on the two acres being purchased The potential problem thus was avoided After Alter that the title company issued its owners owner's title insurance policy to financially protect the buyer against hazards Including Including ing those a search of the public records will not reveal Precautions Precaution II before purchase purchase pur chase are the best way to safeguard your investment in a home for free information information in formation on what to do write the American Land Title Association Box Washington DC D.C. |