Legal issues in real estate sales, it's no fun when they delay or threaten a property closing.
What's lurking out there for title problems that affects the enjoyment, value of the land under all the improvements? Legal issues with real estate start when the property is listed for sale. If the seller is aware of them. Often they are there hidden and not always known about in the discussion around the kitchen table during the listing of what's for sale.
If the agent or broker takes the time to look into the deed with the seller's copy or from the registry of deeds.
That talk with the owner about right of ways or easements right up front, whatever the title issue is best handled early on.
We talked earlier about the importance to secure the letter, to get pre-approved for a bank home mortgage loan.
And moved on to what happens when you find the house of your dreams and start down the home ownership pathway. The appraisal process buying a Maine home was discussed in an earlier blog post on this channel too. But this time up is the legal hurdle, the last leg of the home buying routine. Approached once the buyer is approved to buy, the property is appraised and good to go. If the title to the real estate is squeaky clean or can be made that way with checks written and passed out at the property closing.
Legal issues are lots harder to wrestle with then a few credit issues that can often be fixed with an explanation letter, few phone calls and a little check in the mail to make them go away.
Bad FICA scores, high debt ratios, a new job or no credit can impact the getting ready to buy a home in Maine. The house appraisal can come in low and a new valuation can be sought out if the mortgage bank allows for flawed ones.
But the legal issues in a real estate sale don't go away so easily. Unless it is a garden variety property tax lien stuck on the title like a burdock. From years before when someone was slow to pay the taxes on time and a lien was placed against the property after eighteen months passed. And the yearly taxes went in arrears and someones name ended up in the town report.
A discharge of a property tax lien on the real estate for sale is an easy title issue. Getting a release deed for taxes owed that needed payment or that were paid but never released. With the tax lien removed with a simple release deed from the municipality where the property is located.