Indiana Title Company
If you want to purchase a home, it is important to work with an Indiana title company. These professionals can conduct a title search to detect possible issues. Here are some common title problems that can arise.
- The home has a mortgage lien. If the previous owner has outstanding debt, like a second mortgage, you could be on the hook. The mortgage lender could put a lien on the property after you’ve closed the real estate transaction. This title issue is more common with distressed homes.
- There are missing heirs. When a homeowner dies, his or her heirs may have a right to the property. In some cases, these heirs may be missing at the time of death. If you purchase a home that has missing heirs, they may try to claim rights to the property long after you’ve purchased it.
- There are encroachments. Encroachments find pieces of property that encroach on other people’s land. By conducting a title search prior to purchasing a home, you can find out if it encroaches on someone’s land or not.
- There may be forgeries. Believe it or not, documents relating to your homeownership could be forged. If these forgeries come to light in the future, they could put your homeownership at risk.
- There are clerical errors. If there are errors in a home’s deed, it can also affect your homeownership. These mistakes have to be fixed before your closing date.
- The home has a vendor lien. If the previous homeowner hired a home renovation company to perform renovations and never paid the company, it could result in problems. As an Indiana title company can confirm, the home renovation company could put a lien on the home.
- There are illegal past deeds. If the home has an illegal past deed, it could jeopardize your home ownership. For example, a deed is considered illegal if it was made by minors or people lying about their marital status.
Consulting a Title Company
Title issues can certainly turn a home purchase into a nightmare. That is why it pays to have a reputable title insurance company on your side. They will check for possible issues and take a lot of stress off your back. These professionals can give you the peace of mind you need.
Schedule a meeting with an Indiana title company like Closeline Settlements today.