Common Title Issues When Purchasing Real Estate
The title is what ensures that you actually own the real estate that you purchase. Before the deal closes, you must ensure that the title is completely valid. Otherwise, you may not be getting the full benefit of the bargain. Easements One common issue is an unknown easement on the property. An easement allows someone else to use part or all of the land for a certain purpose. When there is an easement, you have to share use of the land. Someone else may have access to the property. Undiscovered Encumbrances Someone else may hold a lien on the property. There could be a third party, such as a bank or the government, that was not paid what they were owed. The lien attaches to the property itself, as opposed…
