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Having a professional perform a title search is a great way to protect yourself when buying property. Usually buying a home is the biggest investment a person will ever make. Protect yourself against these common title problems.
Fraud and Forgery
If a deed is signed with a forged signature then there legally no transfer of ownership to you. Fraud and forgery can go undetected until after the closing on a deal even if you are being very careful. There are instances of fraud even if the signature is notarized. Another problem that may occur is that the power of attorney used to execute instruments is expired or fabricted. Having title insurance protects you from this common mistake and helps in risk elimination.
Sometimes there are conflicts over a will from a deceased former owner. There are cases where an updated will is found or the will of a family member conflict with the deceased former owner. These kinds of issues can all cause problems when transferring the ownership of property. Title insurance can help cover the cost of the claim and legal fees incurred.
If you are planning on purchasing property from a heir of a deceased former land owner that did not leave a will, there could be other unknown heirs. If an unknown heir appears they could be entitled to a share of the value of the home or property. This can mean a big problem for you if you are the one buying the property. This is one reason why a title search is important. A title search can help discover missing heirs by searching public records.
Title Insurance and Title Search in Phoenixville
Avoid this common mistakes and protect yourself by contacting Members Settlement Services, LLC in Phoenixville. We can help you with title services so you are not caught off guard. Call us at 610-482-4086 to learn more about what services we offer.