When you are going through or carrying out a change in the ownership of real estate there are several issues that can come up which can hinder the process. In almost all of these situations there are ways in which you can work the issue out and get the conversion completed but it is important to remember that in order for the ownership to hold, there should be nothing that is unclear about the real estate. Here are some of the most common problems that you are likely to run into during such a transaction.
Mistakes in Public Records
There is nothing that can exclude human error but in the case of ownership of real estate, these mistakes that may not seem so significant can actually prove to be rather devastating. If there has been any type of clerical as well as filing mistakes, it could severely affect the deed or even the surveying of your real estate and put you under considerable financial strain in order to rectify these mistakes.
Liens That Have Been Unknown
The owners before you may or may not have had bookkeepers who did their job exceedingly well. it could also be that they were not great at paying bills. It is understood in this case that the debt is on the former owners and not you, but banks and financing institutions to whom the money is owed can actually place liens on your real estate after the ownership transaction has been closed. This is very common with distressed real estate. Get help from professionals like Anderson Property Transfers from the beginning so that there will be enough checking done to ensure there are no unknown liens before you close the transaction.
Illegally Made Deeds
The chain of ownership on your real estate could appear like it is clear and legal all through, but, it is also possible that the deed before was made by somebody like an illegal immigrant, a minor or somebody who is not in the right state of mind. It could also be that it was done by somebody who claims to be single but really is married. These situations can question the integrity of the deed and even the ownership.
Heirs That Are Missing
When a person is deceased, the ownership of their home or another real estate can pass on to that person’s heirs, or in other words people who have been named in the deceased’s will. However during the time of death, some of these heirs can either be missing or even unknown. There can also be situations where other family members will contest the will if they are not named as heirs. All of these which could happen at any point, could severely affect your ownership status with the real estate.
The world is not a very honest place. If documents have been forged or fabricated, they can impact the ownership especially if these falsified documents have been filed with the public records. These fabrications can impact your ownership severely and even may cost you the real estate.