Today’s real estate market may have you thinking you can locate, contract and negotiate on a property and save the agency commissions. And it’s possible you can. But a savvy buyer or seller will engage the professionals who can help keep their treasured transactions on track.
So, what does Clear Title mean?
It means that the title to the property is free, clear and not encumbered or unable to convey between buyer and seller. To assist in that process, I recommend making sure you pay for title insurance when executing a real estate transaction.
You may not want title insurance, but you NEED it. Here are some of today’s top examples of why you should use a licensed realtor to buy or sell your home to help guide your process, because these things can and do happen.
1. You are married, but separated (so, not married, right?) and you try to sell your property that you’ve owned before you ever got married. You don’t tell your agent that you’re married and you go under contract with a buyer. But your spouse doesn’t know and won’t sign.
2. You are trying to buy a property, only to find out there is an unpaid lien from when it was sold previously to the seller. The lien holder refuses to give a payoff amount of the debt.
3. You upgraded your HVAC system a few years ago and are paying it off through Home Depot. You decide you want to list your home, but you haven’t paid off the remaining debt of the HVAC system. You forget to list that as a lien, because, it’s just your debt, right? You can keep paying on it?
4. You’re overseas volunteering for several years in a remote part of the world. You find out later that your second great uncle’s cousin passed away while you were gone, and you were named the heir to his estate, but family contested the property and sold it before you returned.
5. You go under contract on a property with a home that had a cute fence and detached garage already on it. The seller provides you with the survey that was done before the fence and garage were built, but you are presented with historical surveys which show the fence and garage are actually on a portion of the neighbor’s parcel.
Here’s a link to Ten Common reasons your title may not be clear. Always be safe and secure with your investment and consult with licensed professionals to keep your real estate goals on track!
