When you put together a plan to purchase real estate, especially for investment purposes, you might be looking for a bargain because of title problems which include:
1. Federal, state or local tax liens
2. Mechanics Liens for work done on the property
3. Missing heirs with claims on the property
4. Boundary or survey problems
5. Other claims to ownership of the property
Before a loan can be made, however, these "title clouds" have to be corrected.
The costs associated with correcting these problems could get pretty hefty.
The title company can really be of some help here.
Chime in with your thoughts.
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