The Title Narrative
Let’s say you finally find the perfect home. It suits your budget; the location and neighborhood are ideal. In your excitement, you close the transaction straight away, and presto! The home is yours.
Fast forward to months later, you discover the previous owner of the home left an outstanding debt on the property. What would you do in this situation? Here’s an idea, go back in time and get a better agent.
Alright, on a serious note, one can be placed in a financially painful position caused by oversights made while examining a title document. Here are some common title document mishaps to look out for:
- Public record errors such as filing errors, negligence, or incompetent documentation.
- The property may come with a lien. This means that it could be used as collateral to pay off the previous owner’s debt.
- A long-lost heir may appear to stake a claim on the property
- The title documents may be forged.
- Title documents may be affected by unresolved building code violations.
Quite frankly a lot could go wrong, including issues unknown to the seller. Thoroughly combing through such documents on your own is a difficult task. That’s why you must have professionals involved in the entire transaction. Securing title insurance can also protect you if any issue arises. With these things in place, your future investment is protected and peace of mind is sure!
Your Favorite Realtor,
Amanda
