Real Estate IssuesPosted December 25, 2017
New Jersey was hit incredibly hard by the 2008 recession, and though recovery was slow, the real estate market eventually bounced back throughout the state, according to NJ.com. At the outset, many transactions appear more simple than they really are. Even in a seemingly straightforward transaction, a title problem can swiftly interfere with parties’ expectations and timelines. ‘Title’ refers to the owner’s rights in a property, and proving ownership is an essential part of buying and selling real estate. It is recommended that you consult with an attorney as soon as you are involved in a transaction and immediately if title issues arise. Some of the most common problems are described below.
Public Record Errors
A past filing error can be the cause of a major delay in your real estate transaction.
Long Lost Heir to a Property
Even if you purchased a property years ago, it could still be subject to a third party interest if you did not take the time to properly investigate the title and obtain title insurance. If a property owner is deceased and the property does not transfer to the rightful heir, possibly because they could not be found at the time of death, that heir can come back later and make a claim of ownership on your home.
Former Liens on the Home
According to Huffington Post, homeowners with several liens on their property are more likely to be under water financially and may be forced to enter into a ‘short sale’ of the property. When you purchase in this situation, there is a chance that a bank or other third party has a lien on the property that you are not even aware of. In some cases, the original property owner may not even recall the lien, such as a lien put on the house for child support, even if the issue was resolved years ago. There is a process to clear this type of lien, but it takes a bit of time.
If a deed was executed by someone under the age of 18, a married person who presented themselves as single, or another person not legally capable of making the deed, your ownership of the property could be on the line because the deed is voidable.
Fraud and Forgery
According to the Washington Post, fraud and forgery issues are becoming more common among title problems. The title has been forged if one spouse, for example, signed for the other without their knowledge.
Call an attorney for assistance with title and other real estate related issues.
Please do not hesitate to contact one of our lawyers today at Foss, San Filippo & Milne, LLC.