Despite careful planning and attention to detail, a number of unexpected issues can at least temporarily stop real estate transactions in their tracks. Title issues are one such example of these costly delays. Problems clearing titles crop up frequently for those trying to close on real estate deals.
Some of these issues include: A separate party claiming ownership; one or more liens on the title; fraudulent title transfers; judgments against the property including creditor judgments and divorce decree judgments; titles involved in foreclosure proceedings; titles naming the wrong person as owner; and many others. Any one of these can create time and money-sucking legal issues, effectively derailing real estate transactions.
For developers and entrepreneurs who are not familiar with real estate law, title issues can even result in losing the property altogether, often without recovering any initial investments already made. While a good way of preventing these delays is executing careful due diligence into the property before signing anything or spending any funds, investors cannot always anticipate title issues. This is where a real estate attorney can save the day.
Attorneys understand local geography, the types of legal issues that may arise and successful legal techniques to help avoid disaster. Even better, they can quickly and easily perform preliminary tasks like titles searches and looking into the title’s history. In short, getting legal representation ahead of time enables real estate transactions to proceed smoothly, quickly and in a hassle-free manner.
If you are an investor, develop or in some other way involved in real estate, our informative web pages on the legal issues of making Texas real property deals can help you determine what, if any, legal representation you may need.