Your house is one of the largest investments you will make. And with the high prices of Boston real estate, you don’t want to encounter any problems when buying your new home. But problems with the title of a home can cause you to lose thousands of dollars.
To avoid this risk, you can perform a title search. This search seeks out any issues or problems with the title, ensuring you are aware of any complications before you buy the property.
Common title problems
Issues with former owners can cause complications with your ability to buy a property. These problems can include:
- Liens – Liens stay with a property, regardless of the owner. If the previous owners didn’t pay their bills, lenders and construction companies can place a lien on the property.
- Unpaid loans – If a bank didn’t receive mortgage payments, they can claim ownership to a home.
- Property taxes – The IRS wants to get paid. If they don’t, they may place a lien on the home until they collect unpaid taxes.
- Disputed ownership – Heirs of former owners can show up and expect to take possession of a home they claim is theirs.
These problems can stick with a property long after the original owners sell the home. If you are not aware of title complications before you buy, you may have to pay thousands of dollars or even give up your home to others.
Making sure you don’t pay for the previous owners’ mistakes
A title search is a vital part of buying a home. Your attorney can go through public records of the property to ensure that you don’t have to suffer the mistakes of previous owners. And you can also purchase title insurance to cover any problems overlooked by the title search.
When you purchase a home, you want it to be yours alone. A title search ensures that you can move in without any fear of dealing with the problems of previous owners.
