If you're like most people, you probably think having a home inspection is the only thing you need to do before buying a home. If there's no physical or structural damage, you don't have anything to worry about, right? It's simply not true.
You should also be aware that there is another aspect to ensuring a property is ready to be closed upon than simply checking up on the exterior and interior physical features of a home. You also need to be on the lookout for marketable title. Definitely make sure you're also attending to this detail of the home sale process.
Ensuring there are no encumbrances on the property's title, marketable title is title to a piece of real property. The home seller is proving to you that there are no liens or outstanding, hostile claims to that parcel of land, by acquiring marketable title. The seller will then become liable for his or her false claims if he or she knew or had reason to know about them, if they are discovered at a later point.
Acquiring a property with marketable title thus becomes a win-win situation for the buyer. This is even more important than having a home inspection, some will argue. Both as they relate to the property's physical structure, as well as title, you should probably play it safe and make sure everything is on the up-and-up with your home, however.
A county government office of some sort is where most states require property to be recorded. To ensure the seller is the current and true owner of the property, the best thing to do is to hire someone like a real estate broker to trace the property in question's title back as far as possible. People often discover problems with the title by this method, surprisingly enough. Where one seller cannot act independently and against the wishes of the other joint tenants, it is also a way to see whether the property has co-owners or is held in joint tenancy. The title likely will not be considered marketable and you might even lose the property and the money you put into it as a result of the home sale contract being invalid if you purchase a home under these circumstances. It's just best to do your research beforehand, overall. The only kind of title you want is ultimately marketable title!
You should also be aware that there is another aspect to ensuring a property is ready to be closed upon than simply checking up on the exterior and interior physical features of a home. You also need to be on the lookout for marketable title. Definitely make sure you're also attending to this detail of the home sale process.
Ensuring there are no encumbrances on the property's title, marketable title is title to a piece of real property. The home seller is proving to you that there are no liens or outstanding, hostile claims to that parcel of land, by acquiring marketable title. The seller will then become liable for his or her false claims if he or she knew or had reason to know about them, if they are discovered at a later point.
Acquiring a property with marketable title thus becomes a win-win situation for the buyer. This is even more important than having a home inspection, some will argue. Both as they relate to the property's physical structure, as well as title, you should probably play it safe and make sure everything is on the up-and-up with your home, however.
A county government office of some sort is where most states require property to be recorded. To ensure the seller is the current and true owner of the property, the best thing to do is to hire someone like a real estate broker to trace the property in question's title back as far as possible. People often discover problems with the title by this method, surprisingly enough. Where one seller cannot act independently and against the wishes of the other joint tenants, it is also a way to see whether the property has co-owners or is held in joint tenancy. The title likely will not be considered marketable and you might even lose the property and the money you put into it as a result of the home sale contract being invalid if you purchase a home under these circumstances. It's just best to do your research beforehand, overall. The only kind of title you want is ultimately marketable title!
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