Brick Building Title Corp

Imagine: You’re about to purchase the property of your dreams. Or maybe it’s time to sell the property you invested in for years. You’re looking forward to your new home or the financial security that selling your current property will bring. As you prepare for the real estate transaction, you need a title

A property title is a legal document establishing ownership and includes details about the property, like boundaries, dimensions and easements or restrictions. The title also outlines ownership transfers and potential encumbrances like mortgages or liens. Obtaining a clear title is crucial in real estate transactions to ensure that the buyer has ownership rights and is protected from unforeseen claims or disputes related to the property’s history.

Unfortunately, some common challenges come up with finding and acquiring titles. Common title issues include the following. 

  1. Forgery and fraud: Title fraud typically occurs after an owner passes away or a home is vacant for an extended period. If a signature on the title documents is forged or fraud is involved in the property transfer, even if it’s long before you purchase or sell the property, it can lead to ownership disputes.
  2. Unpaid liens: If a property owner is in debt to creditors, creditors can place a lien on their property. A lien is a legal right for creditors or debtors to possess another person’s property. Unpaid debts or liens on the property like unpaid taxes or mortgages can affect the new owner’s rights to the property.
  3. Clerical errors with wills: A will is a legal document that allocates an individual’s finances, property and possessions after death. Unfortunately, errors like missing heirs and beneficiaries, forgetting assets like properties and forgetting to date the will results can lead to disputes over the rightful ownership of the property.
  4. Boundary and survey disputes: Disputes over property boundaries or survey issues can arise when one or both parties disagree about the surveying results. Boundary disputes can lead to legal challenges and potential property loss.
  5. Easement disputes: An easement gives someone else the right to use the property for a specific purpose. For example, utility crews can access remote utilities on private property via easements or one individual can access their own home using another person’s driveway. Because of the intricacies of easements, the property rights may not be immediately apparent during a title search.
  6. Title claims by prior owners: Former owners or their heirs may have legal claims on the property, which could affect the new owner’s rights.
  7. Title defects from past transactions: Errors or irregularities in past transactions can result in title defects affecting current ownership. Additionally, if the previous owner did not pay their property taxes or contractors claim they weren’t paid for their work, these legal claims can also affect ownership.
  8. Incorrect legal descriptions: The legal descriptions of properties are precise measurements and locations of property lines and boundaries. However, as with all things, errors can always happen. Inaccuracies in a property’s legal description can lead to confusion and legal disputes.

Protect Your Property and Money with Expert Title Insurance

Losses can arise from these encumbrances or defects in the title chain. Fortunately, title insurance can protect you from these common title challenges. Title insurance provides coverage for historical liens, issues or mistakes. Essentially, title insurance protects you against claims from any adverse history linked to the insured real estate. It serves as a safeguard for buyers, sellers and lenders participating in real estate transactions. And the nearby experts at McKesson Title Corp. have the comprehensive coverage you need! Contact us today to order title work and start your title insurance.