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Understanding Title Clouds and Defects
If you’re planning to sell your home, you might want to seriously consider checking your title before you put that “FOR SALE” sign in the front yard. Title clouds, also called title defects, affect 45% of home sales, according to the National Association of Realtors.
Of that 45%, half of the defects are considered serious and complex to fix. Your best course of action is to hire a real estate attorney with experience working with titles. A real estate attorney will work with a title company to review your current title and determine if there are any problems that may present themselves when you go to sell.
Title defects can cause long delays in the closing process ore even scare your potential buyers away altogether. You may be thinking that you don’t need to clear your title first, because you bought that title insurance policy when you bought your home, In fact, homeowner’s policies only cover up to that point. of your purchase. But what happens after you buy a house that leads to a clouded title?
· Unrecorded mortgage releases: Occurs when the seller has already paid off a mortgage, but the completion has not been recorded
· Incorrectly recorded discharge: The seller has completed paying off a mortgage but the discharge was incorrectly recorded
· Lost Mortgage Assignments: it records the transfer of a loan from one institution to another
· Missing Work
If you’ve already refinanced your home or taken out a second mortgage, you should know that complications can arise during the buyer’s title search.
If you don’t do this, make sure you keep all the documents related to the purchase of your property, including the original deed in case you sell again. Having the appropriate documents will ensure that any glitches in future title searches can be quickly resolved.
When selling your home, you will work with a real estate attorney at some point. You can pay to hire them early in the game and have them clear your title before you start.
A lawyer can guide you through the complications that can arise with a title and usually have a title search company with whom they have a comfortable, effective relationship, which helps the process go faster and smoother. Title cloud prevents or stops home sales year after year. Advanced planning with your real estate attorney can ensure that your home purchase doesn’t fall through, and that you don’t miss out on your next home purchase due to a delay from selling your previous home.
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