If you are like most people, buying a home is one of the biggest investments you will ever make. And just as with any other investment, there are risks involved. One of the biggest risks is that the title to the property may not be what you thought it was. This could mean that you don't own the property or own only a portion of it.
Title issues can arise for various reasons, such as a mistake in the deed recording or an incorrect description of the property in the deed. They can also arise when there is more than one property owner, and they cannot agree on how to divide it among themselves.
If you are facing a title issue, your best bet is to consult with a real estate attorney. They will help you resolve the issue and protect your interests as an investor. Here are four ways your attorney can help you resolve title issues.
1. Review the Title Report
When you purchase a property, the title company will prepare a report that lists any liens or encumbrances on the property. This report will also list the chain of title, which shows who has previously owned the property. Your attorney will review this report to look for any red flags that could indicate a title issue. Once they ascertain that you're in the clear, your lawyer will give you the go-ahead to close the deal.
2. Research the Property's History
In some cases, title issues can arise because of something in the property's past. For example, if the property was once part of a larger parcel of land, there may be an outstanding lien on the property from the previous owner.
To resolve the issue, your attorney will research the property's history to identify the problem's source. This way, they can determine if it's a solvable problem. If it's not, your attorney will advise you to steer clear of the property.
3. Negotiate with Other Property Owners
If you share ownership of a property with others, title issues can arise if there is a disagreement about how to divide up the property. Your attorney can help you negotiate with the other owners to try to reach an acceptable agreement. You can decide to pay their owners a settlement so they can agree to turn their portion of the land over to you.
4. File a Lawsuit
When all approaches fail, the only way left to resolve a title issue is to file a lawsuit. Your attorney can represent you in court and argue your case before a judge. If the judge rules in your favor, they will issue an order that resolves the issue.
If you are facing a title issue, don't try to handle it on your own. Consult with a real estate attorney who can help you resolve the issue and protect your interests as an investor.
Share27 September 2022
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