If you’re going through the process of purchasing a new home, you know what an exciting and intense time it can be. If you’ve been ready to move since the moment you set eyes on your dream home, it’s easy to feel impatient with the closing process. But there’s a reason it takes some time to get your home processed. A title error that gets missed can cause you serious headaches down the road.
That’s why it’s important to check the deed and make sure there are no title errors or problems that can cost you money or even your title in the future. In this blog, our title insurance team at Liberty Title shares some of the most serious title nightmares that have come up during the purchase of a home.
1. The Case of the Terrible Estate Lawyer
Murphy’s law dictates that what can go wrong will go wrong—at least if you don’t plan ahead for it. Unfortunately, it’s a common scenario for real estate investors to find this out the hard way. If an estate lawyer makes a mistake in filing the paperwork on a sale, this problem can go undetected for years. It may not become apparent until the new owners try to close on their sale. Fortunately, with the help of title insurance, these errors can be easily cleared up and moved on from.
2. The Refinancing Mess
Imagine going to refinance your home only to learn that there’s a problem with the title. Did you know that lost or missing heirs can be more than just the rightful heirs? If a property changed hands and ends up listed under the wrong name, it can be inherited by individuals who should have no rightful claim to the home. In fact, this kind of scenario happens all the time. Thankfully, your title insurance company can help resolve the issue and close the person’s loan.
3. Same Name, Legitimate Claim
One of the most common title errors comes from people with the same name. It’s far more common than it seems. Unfortunately, in many cases, same name errors lead to fraud when a relative with the same name as a deceased homeowner assumes the ownership of a home. Clearing the title can result in a court battle that costs money, which is why it’s important to protect your investment with title insurance.
Minnesota Buyer Title Insurance Protection
When it comes to worst case scenarios, it’s easy to think it can’t happen to you…that is, until it does. Thankfully, with buyer title insurance protection, you don’t have to worry about paying for a property you no longer have the rights to down the road.
At Liberty Title, we offer a complete range of title services and can help make sure your closing is smooth and you’re protected. All that’s left will be to enjoy your new home. Get your title insurance by calling 763.494.0340, or contact us to learn more.