Real estate transactions are biggest financial deals that many of us ever engage in. At the heart of that deal is transferring the title from the seller to the buyer, so it is absolutely critical that property owners and buyers make sure that the title is clean or clear.
What could go wrong
The ownership is not valid or recognized if the title is not clean or not done correctly. Typical reasons for the title not being clean include:
- The home is old
- The property has been in a family for generations
- The property was transferred to a trust or entity that has rights to it
- The taxes are not up to date
- There is a lien or levy against the property
- There is a previously unrecognized legal claim to ownship or partial ownership
Beware of fraud
Many of the above premises could involve innocent oversight. However, not everyone will be honest about divulging an issue or may even knowingly try to sell a property that they knowingly do not have a legal title to. An experienced and knowledgeable real estate attorney can do a title check and look over all the paperwork to make sure that the title and everything else is legally accurate. Part of this process is a title search. Ohio does not require attorneys to handle real estate transactions, but it is wise to verify that everything is legal. This ensures that one’s biggest financial transaction is not one they will regret because of title or other legal issues.