When you are buying property, whether it is your first time or you have been a property owner before, you are probably very excited to get everything squared away and make the property yours. However, inquiring about crucial issues that could compromise your investment is critical.
Suppose the seller of the property has unresolved problems with the property. Unpaid debts, disputes between neighbors over property lines, or even errors in public records could cause you problems later on.
Therefore, asking the right questions before signing the dotted line is vital. Some of the most common problems that come up related to property ownership are shown below. Therefore, make sure you ask the right questions and get satisfactory answers.
Does the seller have any liens?
Liens are one of the most common issues involving the property titles. If the seller had or has financial problems in the past or present, a bank could have placed a lien on the property, meaning they have a legal claim to it until the seller repays the debt. If you purchase the property with a lien, things could get complicated because you, as the property owner, become responsible for the debt.
Are there any heirs anywhere that could claim ownership?
When the property is sold because the owner died, it is essential to ensure that no family members are waiting to pop up out of nowhere trying to claim ownership of the property or a hidden inheritance of some sort. This happens more often than you think. If the previous owner left a will, and hopefully they did, having an experienced legal professional evaluate it it would be helpful.
Are there any doubts as to where the property begins and ends?
This is also a prevalent issue in real estate or property law. You could very easily purchase a property only to find out that a neighbor disputes a boundary between their property and yours, and that they are claiming that part of your property is theirs. This can become very complicated, and it can result in lawsuits. A surveyor can help with this. It would also be ideal to find the original plat, which clearly shows the division between the properties.
While the prospect of buying a piece of property is exciting, it also comes with risks that you should consider and be aware of so there are no surprises down the line.