Commercial and industrial real estate transactions are typically more complex than residential transactions. You need to watch out for title problems that could potentially impair your ownership rights. If this happens, it would also be challenging to sell or transfer the property. That is why it’s essential to employ a title search company to make the process smooth and hassle-free. Read on to know more about the title problems you might face while dealing with a property.
1. Undocumented Title
There may be errors in the records or paperwork related to the property. The title to a property is one of the most important legal documents one will ever own. It’s an official declaration that they have ownership of the property, allowing them to sell, mortgage, or transfer the title to another person. So it should be handled and taken into consideration very carefully.
2. Missing Heirs
When a person dies, their heirs or those mentioned may inherit the property. However, you may have to deal with missing heirs in rare instances. Family members may sometimes fight the will to protect their property rights. Making sure that all the heirs are mentioned and listed is crucial as it can bring trouble to the property later.
Forged or fraudulent papers affecting property ownership are often lodged in public records, with false information on who the true owner of the property is. When these forgeries are discovered, the rights to the property may be jeopardized. The documents may contain incorrect information on the title itself, such as incorrect names or incorrect dates. Experts who specialize in title searches can identify these issues and bring them to your notice.
4. Unknown Liens
Lien issues, such as unpaid taxes or other payments owed to a governmental organization that show on the title, can become a problem. Even though the past debt was not yours, banks or other financing organizations can place liens on your property. This is especially concerning with dilapidated buildings.
5. Survey Disputes
An incorrect boundary description can lead to disputes with a neighbor or other party who will be able to claim ownership of a piece of your property. One property owner’s documents may depict a plot of land differently than another’s. A survey disagreement between owners might impair your capacity to move forward with the property.
Title problems are common and unfortunate. They can happen for several reasons and may be challenging to detect. It’s vital to employ proper care when dealing with real estate transactions, as they are complex and you want to avoid the pitfalls.
Real Title Services is here to help you! Reach out to us today to keep your clients happy and get them the property of their dreams. We can act as your guide to detect and clear all the title problems that one might face. Contact us right away to learn more.