The purchase of a home is one of the most significant and important purchases one will make. Due to the serious legal and financial implications of this type of purchase, it is critical to avoid setbacks that could potentially cost a buyer both time and money. One common issue that could arise as you work to complete your home purchase is the discovery of title defects. It will be helpful to understand what this could mean for you and how to deal with these issues.
A title search is an important part of the home-buying process. If there are issues that arise, it could increase the amount of time that it takes to reach the closing stage. Before you even make an offer, you will benefit from knowing how common title defects could affect your efforts to buy a home and what you can do to shield your interests.
The 10 most common problems with titles
There are a range of title defects that could impact your efforts to buy a home in Tennessee. Problems with a title after the close of the transaction could leave you with unexpected complications and the potential for financial loss. Some of the most common title-related problems include:
- There were previously unknown encumbrances or easements on the property.
- There is the potential that some property documents were forged.
- The previous deed was illegal, potentially affecting ownership of the property.
- Missing heirs could affect the process of establishing ownership of the property.
- There are unknown liens on the property or errors in the public record.
- There are boundary disputes that affect the property.
- A missing will could affect the owner’s ability to sell the property.
If there are issues with the title on the property you wish to purchase, you will benefit from seeking an explanation of the steps you can take that will allow you to protect your interests, pursue a resolution to the problem and move forward with the purchase process.
Your legal needs
Buying a home is a major legal and financial transaction that has the potential to affect multiple areas of your life when a problem arises. You will benefit from knowledgeable legal assistance at every step of the home-buying process, from making an offer on a home to navigating issues related to potential title defects.