Real estate transactions take place every single day, with most of them going smoothly. That being said, some don’t go smoothly at all.
Many real estate disputes arise from issues over the title of the property. Essentially, the title represents the legal rights of ownership to the property. If you are thinking about purchasing a new home, then it may benefit you to carry out a title search, and here’s why.
It is not unheard of for houses to be sold by people who are not actually the true owners. In some cases, this may be done fraudulently, but it can also be unintentional. For example, there may be a family heir who has been gone for years but has now come forward and lodged a claim for ownership of the building. This is not something you want to get involved with if you can help it, and carrying out a title search could save you the trouble.
Uncover hidden debts
You’ve been told that the property is sold as is and that there are no hidden issues. Unfortunately, there are liens against the property because the previous owner failed to pay the builders. Without a title search, you may only find this out when it is too late. A title search can uncover property liens and help ensure you don’t become liable for debts that are not yours.
A title search should be part of the due diligence for every prospective buyer. Having legal guidance behind you can increase the chances of your real estate transaction going as smoothly as possible.