Real estate can be a booming market for Florida residents. Unfortunately, there are several different types of title issues that can make it hard to sell or buy property.
Importance of resolving title issues
When buying or selling a home, transferring the title is the most important part. This enables you to successfully leave the home behind or start renovating it for your next project.
If you can’t successfully transfer the title, you can potentially lose the sale or be unable to list the property. Unfortunately, problems with the title are all too common and oftentimes, don’t get noticed until you’re trying to flip the property.
Examples of title issues
Examples of title issues can range from super simple (such as public records issues) to super complex (like debts or liens against the home). Regardless of the title issue you have, it might take time to resolve these issues.
Public record errors are often clerical and sometimes easy to solve. A typo or missing information in the property’s deed can be inconvenient, but the solution often means refiling.
There might also be issues with the property lines. If part of your home or property encroaches on a neighbor’s property, then that would have to be resolved before the neighbor claims your property.
Solving more complex issues
Titles filled out with false information are considered fraudulent and could take a lot more time and legal fees to resolve. While you would hope these issues are resolved at the time of filing the title, it’s not uncommon for them to slip under the radar and crop up later.
Unpaid debts or taxes can make it hard to sell or buy property. Oftentimes, if there’s a lien against the property, then you would need to settle those debts before selling.
It can be hard to track down all of these issues. But clearing the title issues before trying to sell can save you a lot of time and headaches.