Every property has a history. When you purchase your new home, you will want to make sure it does not come with its own set of baggage. This history, if not accounted for properly can make your new home purchase a nightmare. Here’s how errors in records may impact your home title.
The Importance of a Title Search
When you go through the process of purchasing a home, one of the steps during the real estate transaction’s closing process is a title search. A title search determines whether any title defects can affect the purchase or the property.
A title search will determine if the title is clear or if there are previous mistakes that have been made in public records. Depending on where you purchase your home, a title search will search the public records of these entities:
- Clerk of courts
- Office of recorders
- Registrar of deeds
- Municipal and county documents such as judgments, street and sewer assessments, and special taxes and assessments
Depending on what is found during the title search, the mortgage company can refuse to continue with closing and the purchase, or the issues can be resolved before purchase.
Common Title Search Errors
Title search errors can affect a potential buyer during the homebuying process. In some cases, these issues can make the home purchase fall through. A comprehensive title search by True Concept Title will help determine if any issues are connected to your property.
Some of the most common title search errors found are:
- Undiscovered liens
- Mistakes in public record
- Missing heirs
- Unlawful deeds
- Boundary and survey disputes
- Impersonating an owner
- Undisclosed owners
- Undisclosed easements
These errors can completely change the outcome of the real estate transaction. An undiscovered lien can force the new owner to pay off an unpaid debt from a previous owner. Or a missing heir can result in the loss of ownership even after the property is purchased. You may even find out the boundaries or easements on the lot are not what you were anticipating.
How to Avoid Errors in Public Records
As a buyer, it is nearly impossible to avoid errors in public records. You have no control over the property’s history and/or any mistakes that have been made with previous filings and recordings.
That is why as a new owner you need to purchase an owner’s policy and title insurance. Title insurance protects your ownership rights from any defects and errors. Title insurance may also cover both the legal costs and certain losses that may sustain from a title defect.
Protect Your Title With True Concept Title
A proper title search and purchase of title insurance will help you to avoid any errors that were made in public records regarding the property. Our team of title specialists will work to ensure any errors in public records will not impact your new home’s title.
You have a choice when it comes to your title, call True Concept Title’s Tampa Bay-based office at 813-263-7168. Contact us today for a comprehensive title search or to learn about our escrow, mobile closings, or how we support mortgage partners nationwide.