Finding the perfect home is no easy task. Many Ohio residents spend months looking at listings before landing on the house that they feel is best for them. While some may think that finding the property is the hardest part, that is not always the case. In some instances, title issues could arise that can delay or completely derail a property closing.
One issue that could result involves missing or unknown heirs. This type of problem can occur in various ways including the following:
- A seller dies during the selling process, and heirs make a claim against the title, putting the prospective buyer in a tricky spot.
- Heirs may have been selling the home after the owner’s passing, but the discovery of a will may bring property ownership into question.
- Heirs who were not easily located after a family member’s passing may come forward later and make a claim to the property before closing.
Any of these issues could put a prospective buyer in a difficult position because he or she may end up at risk of losing out on the property. Plus, buyers often have to make important money moves before closing on a home, such as paying earnest money, and they may fear losing that money. Fortunately, title insurance can often help prevent prospective buyers from facing undue hardships from this and other problems.
When it comes to having title insurance, it is typically wise for anyone looking to buy a home in Ohio or elsewhere. Understandably, the many benefits of this type of insurance may not be immediately apparent to individuals who are not well-versed in real estate matters. Still, title issues are a risk, and gaining information on available protection in real estate transactions is prudent.