Every property in Tennessee has its history no matter how new your actual house may be. That is why a thorough title search is needed to discover any title defects that may be related to your property. Your title insurance provides you protection from any kind of title problem that may be discovered after you close the deal. Here’s a list of some common title issues that homeowners encounter after their mortgage transaction.
Any filing errors associated with your property can be upsetting. As it will cost you all the trouble just to have it corrected. Any clerical errors made can cause you to pay more just to resolve them.
Mortgage companies or any other financial companies can place liens on your property if in case the previous owners of the property have left you with some unpaid debts. This usually happens with distressed properties as previous owners might have some unpaid bills or debts that was still left even after they sold the property.
There are times where a previous deed was made by a minor, a person that is psychologically incapacitated, an undocumented immigrant, or even a person who is reported single but may have been actually married. These are just some of the incidences that may affect any deeds prior to the previous one. This has an effect with ownership and can cost you even more for possible settlements.
Any forged or fabricated documents will affect any property ownership filed within the public records. If in case proven, a person’s right to their real estate property may be at risk.
Any state such as Tennessee has the right to sell the assets, including the home of a property owner who dies with no will or heir. Once acquired, the buyer will have every right as the owner of the property. However, if in case the deceased owner’s will may be found, your rights as the legal owner of the property may be questioned.
Purchasing a home from a false owner can put your legal claim to the property at risk. This case usually happens when common or similar names of the previous owner impersonates as the property owner.<< Back to the list.
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