Real Estate Title Issues Info
Did you know that the current homeownership rate in the United States is less than 2/3 of the population? When you look at Americans under the age of 34 that owns homes, the rates drop down to 1/3 of the population.
Rising house prices make it difficult for young people to own property, but there are other problems that could come up when buying a home that some aren’t aware of.
During the closing process, you might discover real estate title issues. Keep reading to learn the most common ones.
1. PUBLIC RECORD ERRORS
The deed is a legal document that details specifics about the property and ownership. Real estate title issues can arise when there are problems in the property’s chain of title, including mistakes in previous deeds.
These issues will need to be cleared prior to closing, and in some cases will require additional or corrective deeds to be filed at the courthouse.
A government entity, business, or bank, can place a lien on a property if the seller has unpaid taxes or debts. A lien is a legal claim that attaches to the owner’s property. The lien can’t be removed unless the debt is repaid in most cases.
Liens can be filed for persons who share the same name as you. This issue is likely to occur if you have a common name. The real estate lawyer will help verify that a lien in another person’s name doesn’t apply to you.
3. UNCLEAR BOUNDARIES
Birmingham real estate with unclear boundaries can cause title problems. When a home’s property lines are not defined clearly, there can be issues with public entities or neighboring properties.
This often happens when the deeds or maps of a property are ambiguous. Neighbors may agree on where the boundary lines are or try to fight you on what is your property and what is theirs.
For example, if the property in question encroaches on someone else’s land or part of public land, the boundaries cause title issues.
Hiring a local lawyer can help you clear up the confusion that might come with these property boundaries.
If you want to benefit from a clear title transfer from the seller to the buyer, it’s important to know these common real estate title problems.
Although a real estate lawyer sees these often, the average person might not know what to do. Hiring a local lawyer can help you navigate these issues if they come up during the closing process.
CONTACT US NOW IF YOU NEED REPRESENTATION TO HANDLE TITLE ISSUES WHILE CLOSING ON A HOME.