TITLE DISPUTES – Real Estate Lawyers in Columbus, Ohio
Columbus, Ohio was recognized as being the No. 1 metro area for hiring in the Midwest and No. 2. in the nation according to Forbes.com. This means the real estate market in Columbus is booming and real estate can be a great investment, but the steps necessary to close a real estate transaction can be complicated. For this reason, it is always wise that you contact an experienced Columbus real estate attorney who can assist with the numerous legal issues which may arise throughout this process.
What is a Title? What is a Chain of Title?
When you buy real estate, you acquire what is known as a title to the property. The title refers to the owner’s rights and interest in the property. However, for these rights to be legally effective, there must be a chain of title. The chain of title refers to the written history of titleholders through which title passes from one owner to the next. This creates an identifiable chain of title in which others can identify the past owners, dates of transfer, and any encumbrances on the land.
An Experienced Real Estate Attorney can make a Transfer or Title seamless
Title transfers often occur by way of a deed, as this is the most common tool used to convey an interest in land. However, other documents can transfer title for these purposes, including foreclosure documents, affidavits from survivorship tenants, or court judgments granting quiet title to the land. However, this is not an exhaustive list.
Title of Property Disputes
However, issues arise when these documents are not properly recorded. When this occurs, there may be multiple parties asserting a claim to the same land. This is what is known as a defect in title. Defects to title can include easements, liens, restrictive covenants/uses, or mineral rights. When these defects exist, litigation often ensues in order to determine who actually holds title to the land.
However, title disputes are often a costly and time-consuming process, and purchasing title without knowledge of a title defect can have devastating financial impacts on your investment. To prevent this unfortunate situation, it is wise to purchase title insurance. By doing this, a title insurance company will conduct title searches of the land before purchasing, to ensure that there are no undisclosed encumbrances on the land. Though there will be professionals conducting such a search, mistakes happen. When these mistakes happen, and your property suffers a diminution in value as a result, the title insurance company might be liable, rather than you as the purchaser of that land. However, there will often be litigation when these errors occur as insurance companies will try to find ways to avoid liability for these undisclosed defects. As a result, you should always contact an experienced real estate attorney to ensure that you are adequately represented in these disputes.
When you purchase real estate, legal issues can arise at any point in regard to title to your property. To ensure that there are no mistakes in the process of purchasing your property, contact the attorneys at Katz, Pryor, and DiCuccio, LLP for assistance.
This article or any communication made through this website is for general information purposes only. Nothing conveyed through this article or website should be taken as legal advice and under no circumstances constitutes an attorney-client relationship.
