Whether you are a proud, new homeowner purchasing your first-ever family home, or an investor, you want the process to go smoothly. However, the history of a home can be complicated. When unexpected problems arise with the title, Liberty Title can help. We use our expertise in title search, title insurance, and title escrow to help protect your investment. Read on to learn about the most common title problems and how we can help you when they arise.
1. Mechanic’s Lien
When a homeowner hires a contractor for home improvements, these costs can add up. If the homeowner is unable to pay the contractor responsible for the improvements, the contractor reserves the right to place a mechanic’s lien on the home. This is a legal claim against a property for unpaid contracting work done on the home. Often, the homeowners will pay the debt, but the contractor will neglect to file a release of the lien.
2. Spousal Support Lien
A spousal support lien is issued when a homeowner files and completes divorce proceedings. Often, these liens may be long resolved, but the divorced spouse has forgotten to have the lien removed.
3. Unsatisfied Mortgages
Unsatisfied mortgages can cause several issues. After the purchase of the home you may have taken out a home equity line of credit or refinanced your existing mortgage. Over the course of ownership, you may have paid off these loans but the satisfactions had not been recorded at the county. This may cause problems for the title of a house. A title company will determine if there are any issues related to a previous mortgage and clear them up.
4. Public Records Errors
Public record errors are common and can cause problems for your home’s title. Inaccurate information or improperly filed documents may cause a snag for buyers. A good title company can resolve these issues.
Minnesota Title Insurance Company and Closing Agent
Whether it’s an unsatisfied lien or an error in the paper trail, problems with your title could cost you heavily if you aren’t covered. At Liberty Title, we can help you through a smooth closing process and provide insurance for any unanticipated title glitches that come up down the road. Our title insurance protects you from pre-existing or undiscovered problems in the life of the title. Give us a call at 763.494.0340 to learn more about how we can help, or contact us to find out more about what we can do for you.