When a Floridian buys a new home, the title to the property is transferred to them, if they pay the price in full, or to their lender. A property’s title provides important information about it and the scope of land that the holder of the title owns. Unfortunately, issues with title can create challenges for buyers who are ready to move into new residential properties.
There are many ways that title problems can prevent residential sales from going through, and this post only addresses a few of them. All individuals with problems related to title and real estate can direct their questions to knowledgeable real property attorneys. This post does not provide any legal advice.
Co-ownership as a problem with a property’s title
When a person sells a property, they can only sell what they own. To this end, if they own a property with another party, then the other party may elect not to sell their ownership interest in it when the seller decides to part with theirs. A buyer may discover during a title search that the property they want to buy has co-owners and that one is not interested in relinquishing their interest in the property.
Liens and financial barriers to selling a property
Property is a valuable asset, and when a person incurs debts or other outstanding financial obligations, their creditors may be able to secure liens against it. A lien is a financial interest in property and when that property is sold, the lien holder may be paid from the proceeds the money they are owed. During a title search, a buyer may discover that the property they intended to obtain has tax liens, contractor’s liens, or other liens attached to it.
Dealing with title problems
A clear title is an important part of getting to the end of a residential real estate transaction. Some title issues can be fixed, but not all legal professionals are well-suited to advise their clients on these important matters. Real estate attorneys can be valuable assets to home buyers in the greater Sarasota area.
