If you're planning to buy or sell a property, it's essential to ensure that the property has a clear title. A clear title means that the seller has full ownership of the property and has the right to sell it. However, there are times when title issues can arise, which can complicate the buying or selling process. In this article, we'll discuss five common real estate title issues and how to resolve them.
1. Liens on the Property
A lien is a legal claim against a property that the owner must satisfy before selling the property. Liens can be placed on a property for various reasons, such as unpaid taxes or outstanding debts. If the property has liens, the seller must pay off the debts before selling the property. Buyers must be aware of any liens on the property before making an offer to purchase.
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2. Boundary Disputes
Boundary disputes occur when there is a disagreement between neighbors over the location of the property line. These disputes can arise due to incorrect surveys or unclear property descriptions. If you're buying a property with a boundary dispute, it's essential to get a professional surveyor to determine the correct property line. It's also advisable to try and resolve the dispute with your neighbor before purchasing the property.
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3. Errors in Public Records
Errors in public records can occur when there are mistakes in the property description or the owner's name. These mistakes can cause legal issues, such as a delay in the buying or selling process or even the loss of the property. It's essential to conduct a thorough title search to ensure that all public records related to the property are accurate.
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4. Missing Heirs
If the property owner passes away without a will or living heirs, the property can become "heirless." In this situation, the property may be sold through a court-appointed process. If you're buying a property that has gone through this process, it's important to ensure that the sale is valid and that there are no other potential heirs.
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5. Encroachments
Encroachments occur when a property owner builds a structure that crosses the property line onto a neighbor's property. This can cause legal issues and disputes between neighbors. If you're buying a property with an encroachment, it's essential to get a professional surveyor to determine the correct property line and try to resolve the issue with the neighbor before purchasing the property.
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In conclusion, understanding and resolving title issues is crucial in the real estate buying and selling process. Working with a professional real estate agent and conducting thorough research can help you avoid potential title issues and ensure a smooth transaction.