When you purchase a property, your legal rights to ownership are outlined in the title. Ideally, you should fully understand your rights before committing to a purchase, but this isn’t always how it works out.
When issues come up with the title, they can cause you a lot of stress as well as time and money. Outlined below are some of the more common title issues to be on the lookout for:
When purchasing a piece of real estate, you’ll often receive some land as part of the deal. This could be a small garden or something more substantial. In any case, that property is yours to enjoy. Sadly, property boundaries are not always clearly defined in the title, which is one of the leading causes of disputes among neighbors. For instance, if you decide to build an extension or wall on land you believed to be yours, but isn’t, your neighbor is bound to have something to say. The same can be said if the roles are reversed. Establishing clear boundaries in the title is fundamental when purchasing real estate.
While debtors are typically responsible for their own payments, there are occasions when a property can be used as collateral. In some cases, liens will be secured against a home if the owner has fallen behind on bank loans or taxes. Thus, if you purchase a property with this status, you could be mistakenly held liable for the debts associated with it.
Ensuring that your title is clear when purchasing real estate will give you the peace of mind required to enjoy your new home. Having legal guidance behind you during the transaction will help ensure that this happens.