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What are some common title issues I may encounter?

If this is your first time dabbling in real estate or you are currently in the process of purchase property in the Carnegie area, there are some reasons why your lender may require you to purchase title insurance. You cannot look at a house and know its complete history. Also, you should not assume that the seller is going to disclose all issues that may exist with the title. 

When it comes to real estate transactions, it is unethical for sellers to sell their properties when there are existing or issues with the title. According to the Washington Post, property cannot be transferred or sold when the title is not clear. Title searches are necessary, so you can learn if there are any liens, debts and other issues attached to the title that may be passed on to you when you purchase a property. 

Title searches can miss issues 

However, some issues are apparent in a title search. Just because you perform a search that yields no results now does not mean that something will not come up in the future. Take some time to learn why it is a good idea for you to perform a title search before you buy and check your title insurance policy to ensure it has protections for you, the owner if an issue comes up. 

Inaccurate public records 

As much as you rely on public officials to perform their jobs properly, they are human and often make mistakes too. Sometimes they make clerical and filing mistakes that can make it hard to uncover liens and other problems with a title. The issues may not come to light until after the buyer closes on the property. 

Existing liens and debts 

When an owner does not pay certain debts, their properties end up with liens. These liens will remain in place until the new owner satisfies those debts. Sometimes previous owners are not aware of those liens. Sometimes sellers may try to pass on the responsibility to some unsuspecting buyers. 

When a property is sold, and it is later discovered that there are issues with the title, the new owners become responsible for resolving them. Having the right type of title insurance and legal guidance can keep potential buyers and new owners from having to a substantial amount of money to satisfy the issues and from losing their homes.

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