So, you decided to move to Jacksonville and start a new chapter. To start a new leaf, you decide to buy a home where you could create wonderful memories with your dear family. You finally bought the house of your dreams but to continue with your dream, you need to make sure that you could prevent terrible and messy legal situations. There are a lot of possible claims that could spell a lot of trouble and even give you devastating financial damages. Getting a title insurance will keep your hard work and investment well-protected.
Here are the possible tricky situations that you could avoid if you opt for attorneys title services in Jacksonville, FL:
Undisclosed heirs. What’s one thing that you less expect to happen after buying a property? Here comes a missing heir of the previous owner claiming his or her property. Without a title insurance, you won’t have a deciding in this legal situation especially if the claimant has a will to back his or her claims. There might be a possibility that the previous owner’s will was overlooked.
Incorrect information on the records. Getting a title insurance will help you update information on the records such as name of the owner and overall dimensions of the property. This could also help clear out similar or identical names on the records.
Deeds acquired through fake documents. A title services company can help you do some research and scrutinize if the deed of your new home is authentic or not. There are a lot of fraud going on especially in our modern world where forging documents are relatively easy.
Undiscovered liens. The previous owner of your property might not be a good bill payer which give you headaches. Financing companies such as banks can put liens on your property due to unpaid debts. It’s devastating to be paying other people’s debts when you have limited money.
Illegal documents. There are possibilities that the deed that you acquired may have been done in an illegal process. It could have been signed by a minor, a person with insufficient mental capacity or an illegal immigrant. It could also have been done by an expired powers of an attorney. These situations can make your ownership null and void.
Slow negotiations. You could meet a lot of delays when try to resell the property if you don’t have title insurance. On the other hand, having a title insurance can give you more speedy transactions.
If you’re still confused about title insurance, check this informative video: