Buying a house is a thrilling prospect. It marks your next chapter, full of new experiences and adventures.
Unfortunately, complications can put a damper on the excitement. There may be problems with property titles that lead to trouble. Title insurance helps mitigate the fallout of any difficulty that arises after closing.
Public record mistakes
Human error is understandable, yet even innocent mistakes might harm your homeownership experience. For instance, a typo on a public document could lead to a border dispute with a neighbor. This situation is often unresolvable without legal maneuvering.
Homes with previous owners have financial histories that might be unsavory. Former owners could have been less than diligent with their bookkeeping. The resulting misunderstanding can be tough to resolve. It is also possible that payments are missing. Despite not bearing responsibility, banks will still place liens on your property.
It is typical for individuals to gift properties to those they love. When the previous owner of your home passes, an heir might try claiming your home. The disappearance of a would-be inheritor or presumption of death can trigger this.
Unscrupulous individuals sometimes profit by pretending to be owners of properties. Real estate transactions involving such sellers can result in total property loss. For this reason, home possession needs checking before the completion of a sale.
Many other issues can emerge with property titles. Avoiding them is easier when you have counsel. Approach residential transactions with caution, keeping the potential for legal predicaments in mind.