Throughout purchasing a real estate property, there can be several issues and roadblocks that arise regarding the title. Whether you are dealing with commercial or residential, the matters relating to the property’s title can slow, suspend, or completely derail an overall transaction. Furthermore, these issues can still make themselves relevant well after the property has been purchased. With various problems looming to rear their ugly heads, experts have estimated that about 11 percent of closing issues revolve around property title disputes.
The most common practice to take to get out ahead of these issues is to enlist an attorney specializing in real estate to conduct a thorough review of the agreements between each party and conduct the overall research of the title itself. A title search allows the most effective way to clear up any possible discrepancies that could affect the sale or purchase agreements for the property at hand. Listed below will be a list of the most common real estate property issues in real estate transactions.
Title Issues And Error In Public Records
Exercising the common issues people face is critical when dealing with property titles. In some instances, there can be public records regarding an actual error within the title itself. It stems from the most basic mistakes, such as clerical or filing errors. Additionally, when and if an issue is found within a public record document, it can affect the deed or survey of your property, requiring you to place a substantial amount of time, effort, and funds to righting this public record to its most valid form.
The previous owner or owners of the purchased property (commercial or residential) may not have paid their bills or kept necessary records of the line of payment that may have been missed in the previous years of owning said property. With that being said, even if these bills are not under your name, the finance companies can place a lien on the property and even create a lien after you sell the property. Therefore, if you are aware of any distressed property and would still like to proceed with the transaction, decisive action and extreme cognizance should be utilized.
Easements And Boundary Disputes
Even after you purchase your home and its surrounding land, an unknown easement may prohibit you from using your property, allowing government agencies, businesses, and or other parties to access all or specified portions of your property. Another issue to be aware of is survey disputes. You will likely have seen multiple surveys of the property before purchasing your home. However, different surveys may show other boundaries. Thus, a neighbor may be able to claim ownership or use a portion of your property should a dispute arise under this form of a claim.
Contact Enara Law PLLC Today For Additional Information
The Real Estate Lawyers at Enara Law PLLC can assist and guide you through almost any real estate situation. Schedule a consultation today at 602-687-2010 or email us at [email protected]. We operate 24 hours a day, seven days a week. Contact us now.