It’s wonderful to buy and own real property. But not every real estate transaction goes smoothly and not every real estate purchase is perfect.
Title defects occur when there is a claim that is superior to yours (for example, a lien against the property) or when there are defects in the deed to the property.
When such defects exist, it can be time consuming and costly to remove them. But having clear title to property is essential. So it is important to keep an eye out for potential title problems whenever you purchase real estate purchase.
Here are 2 title problems that you could encounter in your next real estate purchase.
- Boundary disputes.
The last thing you want to do if you are buying residential real estate is get into a dispute with your neighbors. Boundary disputes can get very ugly very quickly.
Having a proper and accurate description of the property is absolutely critical. If the property’s boundary lines are not accurately described in the deed, or if the deed fails in any other way to accurately describe the subject property (e.g., it gives the wrong address), there will be a defect in title.
Encumbrances refer to someone else’s right to a piece of property, or their right to use it, or a legal liability associated with the property.
A defect in clear title could be caused by an encumbrance.
There are different types of encumbrances. Some examples of encumbrances are:
- liens against the property
- deed restrictions
- mechanic’s liens
The type of encumbrance on the property is significant because different encumbrances restrict your use of the property in different ways. For example, an easement is an encumbrance that restricts property use. Other encumbrances (for example, a lien) can prevent you from selling the property.
Understanding and avoiding title defects when purchasing real estate is a very good reason to always consult experienced real estate counsel.
Our Experience is Your Advantage.
At the Law Offices of Mark Weinstein, P.C., our clients benefit from our experience. We have extensive experience in real estate law. We have offices in Cumming, and we serve clients in Atlanta, Gainesville, Gwinnett County, Bartow County, Hall County, Henry County, Cherokee County, Clayton County, Cobb County, and other counties throughout Georgia. To find out what we can do for you, call us today at: 770-888-7707. Or you can e-mail us with inquiries at: firstname.lastname@example.org