As a real estate broker, you want to help your clients in Florida close on a home quickly and smoothly. Unfortunately, a problem with the property title may derail everyone’s schedule.
Bankrate explores common property title problems to prepare for. Let your clients know what may go wrong so you may all prepare accordingly.
Through due diligence, you may discover a lien on the house your client wants to purchase. This may happen if the seller does not settle taxes or outstanding debts. Until the seller pays the debt, the government entity, bank or business has an ownership claim on the property.
Mistakes on public records
An administrative mistake may lead to complications with the property title. An incomplete deed or one with a mistake may hamper the real estate transaction process. You and the seller may need to work together to remedy the situation and re-file the deed to continue closing on the home.
If your clients want to make the most of their yard, they need to know a home’s property lines. With poorly defined lines, buyers risk purchasing a home on public land or someone else’s property. Double-check that you know where your client’s property begins and ends.
Missing or unknown heirs
If the property owner died before selling the home, you and the buyer may contend with heirs who feel they have a claim to the property. They may contest the owner’s will, or they may present a newly discovered will that puts the property’s legal owner in question.
By learning property title issues, you may get proactive about real estate buying and selling. Rather than waiting for disaster, learn how and where to navigate if it arrives.