Title insurance is an important aspect of purchasing a property and can be confusing with all the moving parts within a real estate transaction. A title company is your advocate and has your best interest at heart. This means it can handle several issues for you related to real estate purchases.
1. Liens Against Property
A lien is a legal claim against someone’s property. It can be filed by anyone who has provided services or materials to improve a property, such as contractors, subcontractors, suppliers and material men. If someone has provided labor or materials and is not paid in full, they may file a lien against your home.
When you buy this insurance, you are buying protection from liens placed on your property in error. The title company in MN will help you determine whether or not any liens exist on your property and ensure that they are removed from the title report before closing escrow.
2. Forgery or Fraud on the Deed
A title company in MN can help you if someone forged your name on a deed or used fraudulent documents to claim ownership of your property. It’s also possible that there was no written record of ownership, which would give someone else legal rights over your home. Residential title services have specialists who understand these issues and can determine whether you have any recourse against the person who claimed ownership.
If you’re unsure whether the documents you have are legit, a title company can help you determine if your deed is valid. A title company can also provide information about how to file a lawsuit against someone who committed forgery or fraud on your deed.
3. Encroachments
When someone else encroaches on your land, it results in a dispute over who owns what portion of the property. An encroachment can be caused by another person building something on your land or even simply crossing onto your property without your permission. A home title insurance company offering residential title services can help you resolve this issue so that both parties know where they stand and who owns what part of the land.
4. Boundary Disputes
If you live on a plot of land, you may find yourself in a boundary dispute with your neighbor. When this happens, it can be difficult to prove who owns what. You may also have trouble selling your home when the title is unclear. Title services can help you resolve these issues by providing the documentation you need to show who owns which part of the property.
5. Lack of Marketability and Other Issues Affecting Your Sale
If you’re selling your home, prospective buyers must know what they’re getting into before they buy it. Sometimes homeowners don’t realize there are problems with their home until after they’ve bought it. For example, if there are environmental hazards on the property or if there’s a zoning concern, these things could significantly reduce your property’s value. Good title services will help you determine whether or not these issues exist and how much they will affect your sale price.
A title company is a company that provides home title insurance services. It specializes in researching, documenting, and insuring the chain of ownership of real property. A title company also ensures that the seller and buyer overlook no outstanding liabilities on the property. To get the services of a title company today, contact Trademark Title Services, Inc.
