Title refers to the legal ownership of a piece of property. When a person holds title to real estate, he or she may sell it to a purchaser. Unfortunately, however, title problems sometimes arise during the purchase or sale of real estate in Georgia. Below are some common title problems that affect purchasers and sellers of real estate in Georgia.
Previous ownership claims – When a property owner dies, his or her home typically passes to an heir or to an individual named in his or her will. Sometimes, however, a person to whom property has been promised can’t be found, and this can result in the sale of the property. Problems arise when, after such a sale, someone comes forward and claims a right to possession.
Easements – Easements are limited third-party property rights. Sellers sometimes, however, fail to disclose easements prior to closing, and this can cause unexpected difficulties for purchasers.
Public record mistakes – Filing and clerical mistakes sometimes cause problems for the sellers and purchasers of property in Georgia. For example, when mortgage documentation is lost or incorrectly filed, it can result in the denial of title to a home buyer.
Liens – When a property’s previous owner had debt issues, a lien may have been placed on his or her property. A lien gives a lienholder the right to possess a piece of property belonging to another person until debt owed to the lienholder is paid. It’s important to determine prior to purchasing a piece of property whether any liens are present.
Encumbrances – An encumbrance is an interest in, right to, or legal liability connected to a piece of property. Types of encumbrances include liens, deed restrictions, easements, and encroachments. All encumbrances should be identified prior to the purchase of a piece of property.
Boundary issues – Finally, a potential property purchaser should have a survey conducted prior to closing, as confusion regarding property boundaries can cause problems down the road, including disputes with adjoining property owners and value issues.
Georgia Real Estate Attorneys
Are you planning on purchasing or selling property in Georgia? If so, whether buying or selling residential or commercial property, you should hire an experienced Georgia real estate attorney to assist you with the transaction. At Klosinski Overstreet, LLP, we will assist you with all legal aspects of your residential or commercial real estate transaction. Our Georgia real estate attorneys have experience facilitating the purchase and sale of many types of properties, including single family homes, condominiums, multifamily homes, retail centers, office buildings, hotels, apartment complexes, and vacant property slated for development. Therefore, if you are planning on buying or selling residential or commercial real estate of any kind in the state of Georgia, please contact us as soon as possible for a consultation.
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