When purchasing or ground leasing real estate , it is important to understand the various ownership "rights" and "restrictions" that may affect the property, and how, as a practical matter, they may affect the proposed use of the property. Attorney Godfrey can provide the review and guidance needed to properly assess those rights.
Title to a piece of property is often likened to owning a "bundle of sticks". One can own all the "sticks" or one might grant away, or purchase less than, the entire "bundle".
It is important that a purchaser understand exactly what they are buying, and whether there are sticks missing from the bundle, or in some instances, sticks that need to be added to the bundle. The two (2) tools in making this determination are the title report and the survey. It is important to have both of these reviewed by an attorney who is experienced in the art of reviewing surveys and understands how to interpret a title report. Attorney Godfrey has represented individual and local businesses, as well as national and multinational corporations, in performing survey and title reviews on all types of properties, including residential and rental properties, commercial and retail developments, and office and mixed-use projects. He applies this experience in the real estate field to the benefit of his clients.
The Title Report
A title report is ordered from one of several national title companies that maintain records of all real estate transactions that are filed in the local record books in the county or parish in which the property is located. These filed documents provide a written history of the ownership of the property ("chain of title") which traces the title back for decades, including, if necessary, all the way back to land grants granted by kings and queens in previous centuries, something like a family tree that shows relationships between ancestors. Attorney Godfrey is experienced in reviewing title reports, determining whether there are issues or concerns regarding title, and developing systematic solutions to bridge gaps, and educating his clients as to the matters that may affect future use and development, and the various risk factors inherent in the chain of title.
The Survey
A survey prepared by a licensed surveyor typically shows the boundary lines of the property and the location of any improvements on the property, such as a house, driveway or telephone pole. A survey is unique in that it is a scaled drawing made from actual measurements conducted by the surveyor physically on the property site. When preparing the survey, the surveyor uses personal observation and special instruments to note whether there are encroachments upon the property or extending onto adjacent property, the location of any easements of record recited in the Title Report, any setback requirements resulting from local easements, as well as observed conditions on the ground that may not be noted in filed records. This could include such things as an unrecorded dirt road extending into an adjacent property, or a neighbor's fence-line encroaching upon your boundary line. With experience gained from reviewing numerous surveys over the years, Attorney Godfrey uses that knowledge to interpret the survey, to determine if there are any inconsistencies that raise issues of concern, and to alert the purchaser of potential hurdles to be overcome to attain intended goals.
Note: Title reports and surveys are also of great use in determining what additional values are obtained by easements "granted" for the benefit of the property being acquired. It can be an important benefit to have rights of access or egress across adjacent properties or to have rights to bring utility lines across another parcel of land to your own property. Attorney Godfrey has assisted in obtaining these rights in many instances where the lack thereof would have doomed such transactions to failure. Working in a proactive manner with fellow attorneys, land owners, governmental land planners, surveyors, and title companies, Attorney Godfrey has the experience to help you negotiate what is needed to make your project a success.