When you’ve finally found your potential dream home, it can be a very exciting time. You’ve viewed the property and are ready to put in an offer.
However, it’s important not to get carried away before considering all of the legal issues that could arise. Outlined below are some title issues that you should be aware of.
1. Inaccurate boundary descriptions
One thing you want to make sure of before committing to a purchase is that all of the records regarding the property’s boundaries are accurate and complete. With inaccurate boundary descriptions, you may think that you are purchasing much more land than is really the case. It is far from ideal if you only find this out after you have closed on the deal. Boundary disputes are one of the most common legal issues in real estate and they can really get you off to a bad start with your new neighbors.
2. Forgotten heirs
Although this may sound obvious, you need to make sure that the person selling the property to you is legally authorized to do so. Occasionally, an unknown heir will appear in the middle of a sale. They may have been left the property as an inheritance and have a legal claim to ownership, which means the sale could be void.
3. Undisclosed problems with the home
Before parting with your money, it’s important to carry out a thorough property inspection. The seller may have informed you that there are no structural issues or other problems with the building. Nonetheless, you should not just take them at their word. Sellers sometimes try to hide serious issues with the property because they know it will jeopardize the deal.
There is no reason why your real estate transaction cannot go smoothly. To make sure that this happens, be sure to have legal guidance behind you at every step of the way.