If you happen to be considering purchasing a new home in the Baltimore area, there are some significant things you should know before signing on the dotted line. If there is an issue with the title to your property after closing, it could cost you a fortune to clear it. To protect yourself, you want to ensure that the title to your new property is free and clear of any potential problems. Ideally, a title insurance company, like Colony Title can help find any possible defects and help resolve the matter so you can get your property without any issues!
Common Title Defects To Watch Out For
- Clerical or filing error: Potential defects in a home’s title can lead to severe problems. One of the most common types of defects in a title are clerical or filing errors. These mistakes usually occur when there is missing or incorrect information in the public record. Or, the property owner has concealed pertinent information and forged documents that are vital to the property’s title. In any event, when there is a clerical defect in the title, the chain is broken. This results in issues with who owns the property and other title-related problems. Therefore, being sure to clear up any confusion before selling or purchasing a property is critical.
- Unresolved liens or other encumbrances: It is not uncommon for banks or other mortgage lenders to fail to properly cancel or discharge their mortgage lien for a specific property. While a property may have already been paid in full, the bank could still have an outstanding lien on a property. This could result in some severe problems if the issue goes unresolved before closing.
- Property surveys: Some people are unaware that a property survey can provide some much-needed information about a specific entity. Avoiding the purchase of a property survey is often a terrible idea. Instead, invest in the property survey, so you know exactly where your land ends and begins. This can provide you with ample information about where you can put up a fence and where you can’t.
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy and sell your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, LinkedIn, and Google+.