When it comes to buying or selling a piece of property, there are many aspects that need to be inspected and scrutinized. The problems that can come from these types of purchases could cost a lot of money later or stop the sale altogether. You could be purchasing more than merely land if the information regarding the real estate is unknown.
Past ownership of a property can be a difficult thing to ascertain. Throughout the years, illegal deeds could have been filed with the county. This doesn’t mean that it was done intentionally, but it could still present a problem. Certain criteria must be met in order for a deed to be valid. For example, minors may not be able to file a deed with the county.
Forged documents and deeds can invalidate a purchase or ownership transfer. Should you purchase a piece of property and it’s discovered that a previous deed had been forged, you could lose your claim to the real estate. Even if the filing happened decades ago, the rightful owner could contest your claim.
There are a surprising number of homeowners in the United States that don’t know where their land boundaries are. In many cases, neighbors have encroached onto the land with garages and other constructs. You need to know what parcel you’re purchasing and where the boundaries are. Otherwise, it could cause a problem when trying to sell the land at a later date.
When it comes to filing paperwork for any given property, accidents and mistakes do happen. A clerical error of the smallest proportion could cause a great deal of complications. Mislabeled documents, missing signatures or errors in the wording of the deed itself can be troublesome to fix later on.
Property liens are common in today’s society. They could be the cause of many different situations such as finance loans, child support debts or other unpaid agreements. If an unknown lien is attached to the property, it could cause financial trouble for you at a later date.
These are only a few of the problems that can arise when you’re interest in buying a piece of land or trying to sell your house. Title insurance can save you from many of these headaches. For more information about how you can protect your home investment, click here. You don’t want to be surprised by complications concerning the property after you’ve secured the funds.