The difference with the Trinidad and Tobago real estate market though is it is largely unregulated. Buyers may or may not decide to go through an agent and the home they are interested in is equally likely to be up for sale by the owner. This means that although the actual process is no more or less complex than a real estate transaction taking place anywhere else, there is a lot to figure out if you have opted to forego the guidance of a real estate agent.
The title search is one of those mysterious elements of the real estate transaction that is rarely understood and often overlooked.
What exactly is a title search?
A title search is a legal term that refers to the state of ownership of the property in question. It is possible for a piece of property to be under shared ownership. For instance, the deed may be in the names of both a husband and a wife or even a number of siblings. There is no rule that says the title should be on a maximum of two person's names so the matter can get quite complicated.
It is necessary to conduct this title search to ensure that the person proclaiming to have the right to sell the property is actually the only person with a claim to such a right. For instance, one sibling might try to sell a piece of land that had been bequeathed to several siblings with joint tenancy, meaning they all have equal rights to the entire parcel of land. This creates a situation where they must all agree to sell or the transaction cannot proceed.
Although you may not be able to recount any such stories, this type of situation is by no means unique. This is why a title search is a standard requirement of every real estate transaction. If you are going to get a loan to facilitate your purchase the title search is certainly one of the things that the lender demands to see before you can sign off your mortgage documents. This reassures that lender that in the event you are unable to keep up with your payments and they have to make good on your loan, there will be no unpleasant surprises when the bank tries to sell the mortgaged property.
The title search is undertaken by your lawyer and it is followed by a conveyance, which simply means a transfer of ownership, to your name. If you are thinking of buying a home it is best to enter the process with a full understanding so that your experience will not be mired by unexpected obstacles.