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Covering Your Back with Title and Homeowner’s Insurance
When you sign on the dotted line to purchase a property, you own not only the property but also all the problems associated with it. Buy a property from someone who’s facing foreclosure, and you may just own a property that has one or more liens against it — legal claims against the property to secure a debt. (See ssss1 for more information about foreclosures and ssss1 for guidance on how to research a property.)
To avoid unforeseen problems associated with the title of a property you’re about to purchase, carefully research the title history, as explained in ssss1. Researching the title history ensures that
The property you think you’re buying is the property you’re actually buying.
The person selling the property is the person who owns it.
You’re aware of any liens against the property or taxes due.
Any rights, such as mineral rights, are transferred to you.
Your deed or title is in recordable form.
You’re aware of any restrictions on the property; for example, if you’re buying a home in a historical area, the renovations may have restrictions.