A Beginner's Guide to Identifying and Resolving Title Issues in Real Estate Transactions
Are you planning to invest in real estate in Kenya, whether in Parklands Nairobi, Kasarani or any other location? Understanding common title issues and how to resolve them is crucial to ensuring a smooth and successful real estate transaction. In this beginner's guide, we'll explore 5 common real estate title issues and how to resolve them.
Where is Kasarani located?
Kasarani is a residential area located in Nairobi, Kenya, just a few kilometers from the city center. It's a rapidly developing area, with a high demand for affordable housing.
How much do you need to invest in real estate in Kenya?
Real estate investment in Kenya varies depending on the location, size, and type of property. However, with as little as Ksh. 1 million, you can invest in affordable real estate in Kenya.
1. Title Defects
A title defect is a legal issue that affects the property's title, making it difficult to transfer ownership of the property. Common title defects include errors in public records, fraud, or missing heirs.
2. Title Search
Before purchasing a property, it's essential to conduct a title search to identify any title defects or issues that may affect the property's title. A title search involves examining public records to determine the property's ownership history and ensure that there are no liens, encumbrances, or other legal issues that may impact the property's title.
3. Title Disputes
Title disputes occur when two or more parties claim ownership of a property. This may arise due to conflicting deeds, fraud, or other legal issues. Resolving title disputes can be complex, but it's essential to ensure a clear and marketable title.
4. Title Insurance Policy
Title insurance is an insurance policy that protects against title defects or issues that may arise after the property's purchase. It provides financial protection to the owner and lender in the event of a title dispute, title defect, or other legal issues.
5. Title Clearance
Title clearance is the process of resolving any title defects or issues that may impact the property's title. This may involve correcting errors in public records, resolving disputes with other parties, or obtaining a title insurance policy to protect against future title issues.
Conclusion
In summary, real estate title issues can be complex and challenging to navigate. However, by conducting a thorough title search, resolving any title defects or disputes, and obtaining a title insurance policy, you can ensure a smooth and successful real estate transaction. Whether you're investing in Parklands Nairobi, Kasarani or any other location in Kenya, understanding and resolving title issues is crucial to protecting your investment.