Property, whether for business or investment, is generally a good thing to have in one’s financial portfolio. While the real estate market goes through highs and lows, there is still a lot to be said for owning land and the structures placed on it. Unfortunately, a number of issues can arise in the real estate world that may affect one’s purchase in a negative way. For example, every property has a title and any issues with that title can be expensive and time-consuming to address. Here are some common title problems often seen in Oregon and elsewhere.
Problem number one: clerical or filing errors. People make mistakes. When it comes to titles, they may file them incorrectly and they may fail to document vital information. Either of these issues takes time and money to fix.
Problem number two: forgeries. When documents filed as public record are fabricated or forged, one’s rights to the property may be lost. Forged documents often hide who the rightful owner of the property is, meaning the person who sold it may not have had the authorization to do so.
Problem number three: liens. When a person fails to make payments to their creditors, the creditors may place liens on their property. If the property is sold, the lien may still remain and creditors may try to hold the new owner responsible for the debt.
Problem number four: easements. Property is generally purchased with a purpose in mind. If an unknown easement exists on the title, one may not be able to use the property as intended.
There are many other title issues that can arise after purchasing real estate. Oregon residents can help themselves by seeking legal assistance before purchasing property, as an experienced attorney will know how to access title information in order to discover and fix any issues before the transaction is completed. Anyone who failed to seek legal counsel before buying real estate and has since learned of title issues can also turn to an attorney for assistance resolving the matter as quickly as possible.