When going through the home buying process, the subject of title insurance will come up. If this is something new to you, you most certainly will want to research title insurance and respective providers before purchasing. But purchase it you must in order to make sure all your bases are covered. Click here if you would like to learn more about homeowner’s title insurance.

Every property, whether residential or commercial, has a history, and you need to be fully aware of it when looking to purchase your new real estate. A comprehensive title search can help you determine if there are any issues associated with your prospective property. To be even safer, title insurance will give you protection from any problems that may not come to light until after you have already completed the real estate closing process, and the purchase of property is complete.

Here at Close Happy®, we have seen every type of issue possible that can come to fruition with a new property purchase, whether during the title closing process or after the fact when title insurance comes into the equation. We feel it is our obligation to inform you of these issues in order to further press the importance of having a title search and title insurance policy when going about the real estate closing process.

Some of the most common issues ran into during a real estate closing are:

Undiscovered Liens

Not everybody stays on top of keeping detailed records, and there certainly are plenty of people who don’t pay their bills on time – or at all. No, that debt wouldn’t be yours, but are you aware that banks or other financial institutions could place liens on your property for any unpaid debt – even after the sale is complete? You could buy property and, because of a previous lien or mortgage on it, a third party could claim rights to it, therefore limiting your use of the property.

Public Record Mistakes

The last thing you want to discover is that filing or clerical errors have occurred that are causing issues with the deed or surveying of the property. This can inevitably result in you having to pay whatever amount is necessary to remedy the situation. This is why it’s important to trust a national title company with your filing and transactions in the real estate closing process.

Missing Heirs

There are many cases in which people will name relatives or friends as heirs to their property and title so that they might be passed on in the event of their death. Sometimes, though, those heirs are difficult to track down, or family members might contest the will in an attempt to take ownership of the property themselves. These are issues that can come the surface years after you purchase the property and could affect your right to ownership.

Forged Documents

Believe it or not, there are people who have no issues at all with forging documents regarding property and its ownership. If a forgery occurs, it can jeopardize your rights to the property or, at the very least, lead to an excruciatingly complex court proceeding. Experienced title researchers can discover these documents before you’ve finished your real estate closing and it’s too late.

Unlawful Deeds

Prior deeds made before your purchase of the property could be made by a minor, a person who isn’t right-minded, someone who is married but claims to be single, or by an undocumented immigrant. In any of these situations, your ownership of the property could be questioned.

Disputes Over Boundaries and Surveys

Certainly you have seen a survey of your property — however, others surveys may exist that showcase different boundaries that could impact your ownership of the property.

Undiscovered Will

If you buy property that was sold under the assumption that the previous owner (who is deceased) had no will and then years later after you buy it, one is located, your ownership of the property can also then become uncertain.

Impersonating An Owner

A more rare scenario, but nonetheless a plausible one — common names can make it easy for someone to falsely claim to be the owner of a property. This can put you at risk of losing your right to the property if this occurs.

Undisclosed Easements

Even if you own your property, home, and title,  if an unknown easement comes to fruition, it may keep you from being able to use the property for your intended purpose. It could also make way for other parties to have a say in and access to your property. None of these are issues that you want to confront, believe us.

If you want to avoid these daunting scenarios when going about the real estate closing process with your home, put your trust in a national title company with cutting-edge technology like Close Happy® by Elevated Title™. Not only will we perform detailed title research, we can perform title ordering and a multitude of other title services to ensure your closing process runs smoothly and successfully, and there are no surprises after the fact.