Ideally, your title search uncovers nothing, which is a win. Likely this will be the case, as it’s common a title is “clean”, meaning that there are no claims that can arise against your ownership of the property. It’s not the case a hundred percent of the time, but I digress.
You could discover liens against the property. A lien is an official claim against a property by someone other than the owner as collateral and potential payment for unpaid debts or liabilities. An example is the IRS placing a lien on a property because of unpaid taxes. Another such lien could be when a mortgage company places a mortgage lien on the property, which means that mortgage payments are due on an agreed upon schedule within a set period of time to the lender.
Yet another factor is the existence of possible inheritance issues. Say you’re buying the perfect home, updated fixtures, a great driveway and the perfect pantry. Then the grandson of the ex-owner hasn’t agreed to sell “mom-mom’s” home. The will “mom-mom” left behind states that her home is inherited by all 7 of her grandchildren upon her death. Now, “mom-mom’s” grandson has become a massive roadblock to your dream home.
Or, the prior owner was sold the home by a man who used falsified documents, his mom owned the home, so he doctored a will leaving it to him on her deathbed. This would have a major impact on your ability to legally purchase the home. Also, the neighbors and “mom-mom” never could quite decide if the garden was hers or theirs.
It’s the best idea to know that you’re receiving a clean title to your home and that you possess a clean title to match with the clean lines in the living room.
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