When you’re buying a home, the last thing you want to think about is something going wrong that could put a hitch in your plans. A new home purchase should be an exciting time where your biggest worries are whether you should put up wallpaper or fresh paint.
What many home buyers don’t realize is that public record problems with the title can come up when you’re trying to close. The title insurance company experts at Liberty Title in Minnesota are familiar with all kinds of public records errors. Here are a few of the most common public record errors that come up for home buyers:
1. Incorrect Legal Description
This is one of the most common title problems to come up for home buyers. This may include something seemingly minor like a misspelling or typographical error in the legal description, or a typo in measurement or numerical reference. In order for the closing to take place, those types of errors need to be corrected in the public record.
2. Wrong Owner’s Name
Sometimes home buyers will come across a deed that doesn’t reflect the correct chain of ownership. For whatever reason, the correct paperwork was not officially recorded in the public record. This needs to be corrected for the buyer to have an insurable title to the property.
3. Pending Legal Action
Title searches can uncover pending legal action on a property, such as a foreclosure, bankruptcy, or divorce. This legal action needs to be addressed before the sale can be complete.
4. Unreleased Mortgages
This can happen when a property changes hands a few times in a short time frame. A previous mortgage doesn’t get released and is overlooked entirely. The release or satisfaction of the mortgage must be obtained and placed of record to clear such mortgages.
Addressing Public Records Problems
When your title search reveals an error in public records, there’s no reason to worry if you’ve got title insurance. Owner’s title insurance protects home buyers in just such a scenario. Our team of legal experts can assist you with filing a claim, and the title insurance underwriter will pay for any legal fees or court costs that are covered under the policy. If the problem cannot be resolved, title insurance will pay out the amount to which you are insured. And it’s entirely affordable.
Twin Cities Buyer Title Insurance Company
Buying a home should be an exciting time. As a Twin Cities home buyer, you need your home closing to go smoothly. That’s where our team at Liberty Title comes in to help. Connect with us at 763.494.0340, or contact us to purchase your title insurance.