What is one of the most common problems faced in a title search?

Liens or debts on the property. This might be the most common problem that arises during a property title search.

What kind of problems can a title search reveal?

Here are some of the most common problems that reveal themselves in a title search.

• Errors in public records.
• Undiscovered liens against the property.
• Unknown easements.
• Breaks in the chain of title.
• Incorrect legal description.
• Missing or fighting heirs.
• Undiscovered wills.

What are title issues?

A title defect refers to any potential threat to a current owner’s full right or claim to sell a property. The property has a publicly-recorded issue, like a lien, mortgage or judgment that gives another party a claim to the property. To protect their interest in the property, lenders require title insurance.

What problems does title insurance cover?

Title insurance is a type of insurance policy meant to protect home buyers, as well as lenders, from any damages or losses caused by a bad title. Most title insurance policies cover all the common claims filed against a title, including outstanding liens, back taxes and conflicting wills.

How do you resolve a title issue?

Many title issues can be resolved by filing one of three common documents: A quit claim deed removes an heir and clears up title among co-owners or spouses. A release of lien/judgment removes a paid mortgage or spousal or child support lien. A deed of reconveyance records payment of a mortgage under a deed of trust.

What can go wrong with title?

Some of these common title issues are:

• Errors in public records. To err is human, but when it affects your homeownership rights, those mistakes can be devastating.
• Unknown liens.
• Illegal deeds.
• Missing heirs.
• Forgeries.
• Undiscovered encumbrances.
• Unknown easements.
• Boundary/survey disputes.

How do you resolve title issues?

How do you remove a title defect?

Methods include: discharge by the recording of a satisfaction of the mortgage removing the realty from the lien of the mortgage by recording a release; discharge by court order; and, in some limited cases, discharge by a filing by a third party, such as a title insurer, a court-appointed personal representative, or an …

What does a dirty title mean?

A clean title proves that you are the sole owner of your land and no other outside party can make any legal claims against you in regards to ownership. On the other hand, a dirty title means there is a cloud of uncertainty or discredit hanging over the ownership of your land.

How do you clean up a title?

To clear up the title, you must pay off the lien….Generally, a title search company or an attorney will review:

1. All public and court records.
2. Easements.
3. Legal descriptions.
4. Liens or other claims.
5. Property tax records.
6. The chain of title.

What is a corrective deed?

A correction deed, correction mortgage, or reformation deed is an instrument executed by the former grantor of an instrument that contains a certain defect or deficiency, or by said grantor’s heirs, representatives, or assigns for the purpose of correcting or amending a mistake or defect contained in the instrument.

What should I look for when reviewing a property title?

When you purchase real property, part of your due diligence is to review the property title report to make sure there is clear title and to check for errors. Common errors that occur are spelling errors in the parties’ names and mistakes in the legal description.

What are the common problems with property titles and resolutions?

Common Problems with Property Titles and Resolutions. When you purchase real property, part of your due diligence is to review the property title report to make sure there is clear title and to check for errors. Common errors that occur are spelling errors in the parties’ names and mistakes in the legal description.

What kind of errors can be found in a title report?

Common errors that occur are spelling errors in the parties’ names and mistakes in the legal description. The title report will reveal if there are any liens, judgments, deed restrictions regarding the use of the property, other encumbrances, or building encroachments.

What are the most common title issues?

Some of these common title issues are: 1. Errors in public records To err is human, but when it affects your homeownership rights, those mistakes can be devastating. Clerical or filing errors could affect the deed or survey of your property and cause undo financial strain in order to resolve them.