Title to a property is a record detailing the owners of the property and rights associated with the ownership. Title typically shows a progression of ownership from the first owner to the current one. Although a title is a fairly simple concept, it is a nightmare when it goes wrong. That is where you consider title insurance.
The Facts about Title Insurance
The title on a property is guaranteed to be marketable when you purchase the home, land, condo, etc. if you have title insurance. Make sure that you always pay for the title insurance. Typically, it costs a few hundred dollars and it will save you a bundle if problems arise.
Buying title insurance would mean that a title insurance company researches the title for the property. Looking to see if the title is clear is what the insurance company will do. "Clear" simply means that the seller is truly transferring title to you and no other person can claim ownership. While this sounds fairly simple, rest assured that title problems arise all of the time.
Examples of Title Problems
You might be wondering how you could possibly have title problems. Below are some of the examples.
More Facts on Divorcing Couples. Divorce is unpleasant and sometime very ugly. In particularly nasty situations, one spouse may attempt to sell a home without telling the other. You need both spouses to sign off on the sale in order to gain clear title. If you don't, you are going to become a party of the divorce proceedings. That doesn't sound like much fun.
What about Estate Sales? In case you are buying a house as part of an estate sale, then it's possible there can be real problems. It is possible for their heirs to not be getting along and may try to sell the residence without including all the heirs in the transaction in an effort to "get what's mine." If you buy this home, you could end up involved in a lawsuit filed by an heir left out of the transaction.
Ingress and Egress Issues. Title to a property can have technical issues related to egress and ingress. There are times when a title to a property that is so messed up that the owner doesn't have the right to enter or leave the land because to do so would require crossing another person's property is what you can find. In short, the property is landlocked and something must be worked out with the neighbors. A solution also typically comes in the form of lots of hard, cold cash.
These are nothing more than just a few issues that can arise with title. With real estate, unique issues can arise all the time.
If you buy title insurance, you don't have to worry about problems with title. If a problem arises, you calmly pick up the phone and call the title insurance company. The insurance company will come up with a solution, even if it means paying you for bad title.
The Facts about Title Insurance
The title on a property is guaranteed to be marketable when you purchase the home, land, condo, etc. if you have title insurance. Make sure that you always pay for the title insurance. Typically, it costs a few hundred dollars and it will save you a bundle if problems arise.
Buying title insurance would mean that a title insurance company researches the title for the property. Looking to see if the title is clear is what the insurance company will do. "Clear" simply means that the seller is truly transferring title to you and no other person can claim ownership. While this sounds fairly simple, rest assured that title problems arise all of the time.
Examples of Title Problems
You might be wondering how you could possibly have title problems. Below are some of the examples.
More Facts on Divorcing Couples. Divorce is unpleasant and sometime very ugly. In particularly nasty situations, one spouse may attempt to sell a home without telling the other. You need both spouses to sign off on the sale in order to gain clear title. If you don't, you are going to become a party of the divorce proceedings. That doesn't sound like much fun.
What about Estate Sales? In case you are buying a house as part of an estate sale, then it's possible there can be real problems. It is possible for their heirs to not be getting along and may try to sell the residence without including all the heirs in the transaction in an effort to "get what's mine." If you buy this home, you could end up involved in a lawsuit filed by an heir left out of the transaction.
Ingress and Egress Issues. Title to a property can have technical issues related to egress and ingress. There are times when a title to a property that is so messed up that the owner doesn't have the right to enter or leave the land because to do so would require crossing another person's property is what you can find. In short, the property is landlocked and something must be worked out with the neighbors. A solution also typically comes in the form of lots of hard, cold cash.
These are nothing more than just a few issues that can arise with title. With real estate, unique issues can arise all the time.
If you buy title insurance, you don't have to worry about problems with title. If a problem arises, you calmly pick up the phone and call the title insurance company. The insurance company will come up with a solution, even if it means paying you for bad title.
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