After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
Throughout the process of buying a home, it can be easy to lose sight of the fact that this will involve a number of legal issues and risks. When individuals fail to appreciate these hazards, they may expose themselves to a greater risk of encountering title issues.
What Types Of Issues Can Be Present With Your New Home's Title?
Sadly, there are a number of complications that can be present with a home that you are wanting to purchase. In addition to the need to avoid buying a property that has serious structural problems, it is also important to avoid one that has issues with its title. One of the most common title problems will be a lien from a previous owner's debts. Additionally, it may be possible for a property's title to be contested among different parties.
Will You Have To Do The Title Search On Your Own?
In order to avoid buying a property that has issues with its title, you might be worried that this will require spending extensive amounts of time research through the various legal records of the property. While this is generally the process involved with verifying a property's title, you will not have to do this on your own. There are title search services that will be able to thoroughly research any property that you are thinking of buying so that you will know whether it is free of these potentially costly and contentious issues.
What Happens If The Title Search Service Misses An Issue?
A professional title search service will have specialized tools and experience that will make it possible for them to fairly rapidly complete the evaluation of the property you are considering buying. Unfortunately, you might be worried about using these services as a result of concerns about a problem being missed. In the extremely unlikely event that the title search service misses a problem with the property, it will provide insurance coverage. This can make it possible for you to be fully protected from title liabilities when you invest in buying a home.
Title liabilities do not have to be a major risk when you are buying a home. By appreciating the potential problems that title issues can create, you can better appreciate the services that title search professionals can offer. Furthermore, the insurance coverage they can provide will be invaluable in the event that a title problem was missed during the initial assessment of the property.Share