When buying a property, there are several potential issues that may arise, but being aware of them can help ensure a smooth transaction.
Firstly, it is important to address any existing liens on the property, which could include unpaid debts or taxes. These liens must be cleared before taking ownership to avoid being responsible for them. Encroachment issues, such as a neighbor’s fence extending slightly beyond the property line, may not be serious, but significant encroachments like an addition or a pool on someone else’s land should be addressed by a lawyer. Title fraud is another concern, where forged or stolen documents are used without the property owner’s knowledge. Purchasing title insurance can protect against these issues. Legal use or zoning problems may arise if the seller has used the property in a way that violates zoning bylaws, such as converting a commercial space into a residential area. Mistakes in public records, like inaccuracies in property measurements or boundaries, can complicate the sale and affect the property’s appraised value. Conducting thorough title searches and working with professionals like real estate lawyers and realtors can help address these potential issues and protect all parties involved in the transaction.