In a real estate title search, there are some surprising issues that can come up. Common issues could put an entire sale on hold, so it’s important to understand what some of these problems are and how to address them.
As you purchase a property, remember that this title search is essential. You could find some significant problems with the title to the property that must be corrected. If the seller doesn’t correct them, you could end up having to deal with past-due liens or have your ownership of the property questioned in the future.
Here are three common issues that come up with title searches that you should keep in mind.
- Mistakes on the public records
One of the first and most common issues that are seen on titles is a problem with the public record. Clerical errors can create problems with the survey or deed linked to the property. There is normally a fee required to fix these mistakes.
- Undiscovered liens
Undiscovered liens are also problematic. Those liens could stop the purchasing process, and they can also cause problems in the future if they’re not discovered before the sale is completed. The last thing you want is to find out that a lien is on the property and that you have to pay it before selling the property onto someone else in the future.
- Undisclosed easements
Finally, there is a risk that there are undisclosed easements on the property, but your title search should bring these up. Undisclosed easements could prevent you from using the property the way that you want or could make it necessary to allow other parties to use your property.
You deserve to know the truth about a property’s title
These are a few common problems that can come up with a title search. Knowing the issues can allow you the time to address them or to tell a seller that you’re walking away from the purchase. Failing to identify these issues before the sale could lead to legal trouble, but you may still be able to correct them in the future with the right legal approach.