At the closing stage, the last thing you want is a delay. Unexpected title issues can slow things down and cause unnecessary stress. Understanding the significance of a title search and the impact of any unresolved issues may help you approach the problems that crop up more effectively.
How title issues can delay closing
A real estate title identifies and verifies who can legally use, possess, transfer and enjoy a piece of property. You need a clear title to guarantee that no one else has a claim over your new investment. The title search can reveal several issues right before you seal the deal.
Issues can range from paperwork errors to more complex legal challenges such as unresolved liens, easements and encroachments. Liens or defects on the title may stall closing until they are addressed, which is why prompt action is crucial. Proceeding with a dirty title, one that has existing concerns, may potentially threaten your claim to the property in the future. It can also be more expensive to deal with.
Where a lawyer can help
There are companies that can perform a title search, but an attorney may provide similar services or help connect you to one who can. Working with a real estate attorney has additional advantages as they may spot potential legal issues that you could otherwise miss.
Should problems arise during the title search, an experienced attorney can guide you on how to resolve them. A clear title means there are no uncertainties hanging over your head.
Title issues do not have to be a dead end. With quick, informed actions and sound advice, you can keep the transaction moving forward.
