“Title” is a word you will hear quite often when selling a home. This is because it refers to a person or a group of persons who have the legal ownership and a right to use a property.
When any buyer opens escrow, their insurance company and mortgage lenders must have a thorough examination of the property’s title. Every property has a history and no one wants to be left with the burden of the title problems after closing the transaction.
You would not want a title examiner to find any title issue with your home because they will automatically call off the deal. That’s why before listing your home you need to take proactive steps by conducting a title search and resolving all the problems that might put off potential home buyers.
What are Common Title Issues?
https://heightstitle.com/wp-content/uploads/2019/07/swfl-title-issues.jpgTitle insurance companies normally conduct a title search and issue title reports. In these reports, some title issues might surface. Some of the common ones include:
- Errors in public records– Humans are prone to errors. However, if these mistakes are related to your property title they can be detrimental. Importantly, you can spend great amounts of money just to undo a single clerical error.
- Unknown liens– this involves unpaid debts or taxes. Every time you miss a payment IRS places a lien to your real estate. Not many homebuyers will agree to be left with a burden of unpaid tax after closing the deal.
- Missing Heirs– When a person dies it is obvious his/her homeownership will fall on the hands of their heirs or the people named on the will. However, the heirs might be missing or some of the family members might decide to contest their rights to own the property. This is daunting and can put off potential buyers.
- Forgeries– The world is not a perfect place. Sometimes you might find fabricated documents within public records. This will not only keep away the buyers but it might also attract prison time, fines, or both.
- Boundary disputes– Sometimes you may find that you don’t agree with the neighbors, which part belongs to who. This kind of issue can be very complicated and buyers will stay away from such properties. Make sure you resolve all your boundary issues before listing your property.
- Judgments– sometimes homeowners have judgments that are attached to their property. They may include unpaid child support or unpaid debtors.
- Undiscovered will– When a person dies without a will, the state may decide to sell the home. However, if a rightful heir resurfaces this can greatly jeopardize your position as the owner of the property.
- Unknown easements– This is where you own a home or property but there are some restrictions on how to use it. While this is a non-financial issue many homebuyers want a property they can fully enjoy.
What are the Solutions to Title Issues?
Resolving title issues depends on the complexity of the problem at hand. However, clearing most of the title issues can be such a daunting undertaking. That’s why you need to consult professionals like Heights Title Services, LLC who have the experience of resolving such issues
Therefore, if you are in South West Florida and looking for a professional real estate company to help you with your title issues, at Heights Title Services we are second to none.
Contact us today to get a free quote.