Title records help to clarify ownership of real property and also the financial rights of those with an interest in the property. Title records can show easements held by a third party or liens obtained by creditors and financial institutions.
Title records, therefore, help to protect an individual’s interest in a property and the financial interests of those owed money by the owner of real property. Issues with the title for property can delay real estate transactions or prevent an owner from refinancing the property.
How can a property owner go about removing outdated or inaccurate information from the title for a property they want to sell, transfer or refinance?
Using a deed
Sometimes, ownership information is outdated because of a divorce or similar situation. The owner retaining the property might simply need to arrange to have the other party that has already given up their interest in the property sign a new deed. Recording a deed with accurate ownership information can remove outdated blemishes and preserve someone’s interest in a property.
Going to court
Sometimes, it is not possible to convince the other party to sign a deed. They might lack the testamentary capacity to execute legal documents. They could also be dead. Occasionally, the best way to resolve a title blemish will be to take the matter to civil court. At a quiet title hearing, a judge ownership documentation and financial records to verify someone’s claim that the title records for a property are inaccurate. Judges can remove old liens, easements or even the names of those who no longer have an interest in the property.
Ensuring that title records are accurate is crucial for the timely completion of a real estate transaction. Seeking legal guidance can be helpful when questions or concerns arise.