Offer Express: Title issues in a home that can derail the closing of a deal

 Offer Express discusses the title defects that delay the closing of a deal or lead to the deal falling through

Gahanna, United States - /Offer Express, LTD/

6 Title defects that can spoil a deal

Statistics show that about 11% of the closing issues occur due to title defects. A title is a legal right to use, modify or transfer the interest or portion of a property. A defect in the title jeopardizes the right of the owner. This defect is best discovered at the beginning of the listing process by contacting a title company or doing a title search. Resolving these flaws at the earliest ensures there are no delays in the final sale. However, there are times when these defects go unnoticed and delay the closing of a deal. Offer Express, a premier real estate solutions company in Ohio, shares some of the common title issues that derail home deals.

 

1. Liens

A lien indicates that a home is being held as collateral against a certain debt, which is unpaid to date. This debt may include mortgages, unpaid bills to contractors, and federal, state, or local taxes that are due. This lien grants power to these other parties the right to foreclose the home instead of the unpaid debt. To be able to sell the house, the liens have to be cleared first. 

Sometimes, liens turn up as a surprise during the sale procedure, especially when placed on the property by previous owners

2. Missing Heirs

Homesellers may not be aware that the previous owner had heirs who were missing when the house was sold. This often happens when the previous owner passes away without making a will and the heirs come forward later. These heirs have a legal claim to the property through lineage or other paperwork. Besides the legal heirs, some family owners may also decide to contest the will for their rights. This is a cause of worry for a buyer.

3. Filing errors

Clerical errors in the title deed can cause a deal to come to a standstill. These errors can take some time to resolve. Therefore it makes sense to identify these problems early on in the deal by conducting a title search. 

4. Survey and boundary disputes

Property boundary disputes can be a cause of deals getting delayed or falling through. Sellers must ensure that their home boundaries are without dispute. Hiring a professional property surveyor will create a survey report that will include the drawing of the property and its boundaries besides other information such as the address, descriptions of neighboring property, and so on. 

5. Forgeries 

There are many instances of forged documents in public records that land property in legal conflicts. Even though signatures on legal documents are witnessed by notaries, a fake identification or impersonation can still lead to such forgeries. These forgeries don’t always show up in title searches and so often go unnoticed. 

6. Unknown easements 

An unknown easement can prohibit a buyer from using parts of or the complete property. Easements give government agencies, businesses, and other third parties the right to use some parts of the property. These easements will not put an owner in any financial duress but will limit access to a property if these issues are not resolved. 

Why Offer Express?

Offer Express is a premium real estate solutions company, and here, not only do they buy houses and wholesale properties but also partner with local agents, offer investment opportunities to money lenders, and sell renovated and ready-to-move-in houses. With its abundant experience in all types of real estate transactions, Offer Express is an experienced and resourceful company offering hassle-free cash deals. 

 

If you are searching for “Sell my house fast Columbus OH” on Google, then your search is successful. Call (614) 820-5777 to know more about the real estate services at Offer Express.

source https://offerexpresss.blogspot.com/2022/07/offer-express-title-issues-in-home-that.html