itle to a property is a title to you and no other person
record detailing the owners can claim ownership. While this
of the property and rights sounds fairly simple, rest
associated with the ownership. assured that title problems arise
Title typically shows a all of the time.
progression of ownership from the
first owner to the current one. Title Problems
Title is a fairly simple concept,
but when it goes wrong it is a You might be wondering how you
nightmare. That is where title could possibly have title
insurance comes in. problems. Here are a few
examples:
Title Insurance
1. Divorcing Couples - Divorce is
Title insurance guarantees that unpleasant and sometime very
the title on a property is ugly. In particularly nasty
marketable when you purchase the situations, one spouse may
home, condo, land, etc. You attempt to sell a home without
should always pay for title telling the other. To gain clear
insurance. It typically costs a title, you need both spouses to
few hundred dollars and will save sign off on the sale. If you
you a bundle if problems arise. don't, you are going to become a
party of the divorce proceedings.
When you buy title insurance, a Now, wouldn't that be fun?
title insurance company
researches the title for the 2. Estate Sales - If you are
property. The insurance company purchasing a house as part of an
will look to see if the title is estate sale, there can be real
clear. "Clear" simply means that problems. The heirs may not be
the seller is truly transferring getting along and in an effort to
"get what's mine", may try to with the neighbors. Typically, a
sell the residence without solution comes in the form of
including all the heirs in the hard, cold cash...lots of it.
transaction. If you buy this
home, you could end up involved These are just a few issues that
in a lawsuit filed by an heir can arise with title. With real
left out of the transaction. estate, unique issues can arise
all the time.
3. Ingress and Egress Issues -
Title to a property can have If you buy title insurance, you
technical issues related to don't have to worry about
egress and ingress. Occasionally, problems with title. If a problem
one finds title to a property arises, you calmly pick up the
that is so messed up that the phone and call the title
owner doesn't have the right to insurance company. The insurance
enter or leave the land because company will come up with a
to do so would require crossing solution, even if it means paying
another person's property. In you for bad title.
short, the property is landlocked
and something must be worked out
About the Author:
Raynor James is with http://www.fsboamerica.org - providing FSBO homes for sale by owner. Visit our "sell my home" page at http://www.fsboamerica.org/seller.cfm to list and sell your home for free for one month. Visit http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.
Source: www.isnare.com
