You’re about to close on your house — congratulations! Nearly all of the I’s have been dotted and T’s crossed. But there is still a chance that complications with your home’s title can lead to property loss.
To ensure a smooth closing and post-close process, here are some ways to mitigate common title issues so you can enjoy home ownership without worries.
Defending Against Claims
There are many potential causes of title claims and liens, some of which are outlined below. But be assured — the premium you paid for title insurance protects you and your home against these claims and covers any losses you may suffer during the legal process.
If a previous homeowner passed away, the ownership of his or her home may be named in their will. But that individual’s whereabouts may be unknown at the time of death. In addition, family members may argue against the will in order to be given property rights. All of these situations can occur years beyond your house closing.
It’s possible for fabricated documents related to property ownership to enter into public record. These documents may obscure your rights to your home if they come to light.
In addition to purposefully forged documents, sometimes clerical mistakes can affect the deed or survey of your home and property.
Unpaid Contractors or Tax Collectors
If a contractor or tax collector goes unpaid, you may have to deal with a property lien which refers to a legal claim on assets which enables the holder to obtain access to the property.
Seeking a Title Professional
Without proper title insurance, you’re responsible for paying your own legal fees to defend against claims like those above. First and foremost, you want to make sure you are working with an expert in title insurance. The process of title transfers can be exceptionally intricate and includes an average of 135 steps.
You have enough to take care of when it comes to closing on a home — let a professional, like those at Investors Title Company, handle your title transfer with care.
While title transfers can feel tedious, having an agent from an experienced title company on your side will make the closing process more pleasant for everyone.
At Investors Title Company, our team of knowledgeable and experienced attorneys, closers, and examining personnel gives you peace of mind during the often-daunting home-buying journey.
Reference: Alliant National Title Insurance Company