Buying a new home in Delaware may complete your plans for a comfortable retirement. Acquiring a house deed can establish that you fully own your new residence. However, this is only if the title to your home is clear of any problems.
To understand why a deed may not always grant you complete rights to a property, you should learn about how possible defects in the property title could affect your rights.
A look at title defects
Homelight explains that you should be sure no one else has a claim to the property you wish to buy. The current owner might lack all the rights to the residence. Someone could approach you with a claim on the property after you have signed the deed. Unresolved property claims, known as title defects, could force you into legal contests over your home.
Examples of unresolved home claims
To start with, one of the previous owners could owe taxes on the home or had failed to pay a contractor for construction or repair work. A lien on the property could impair the ability of the owner to sell the home to you.
In addition, you might discover that part of your land actually belongs to another owner. There may also be unknown heirs who surface later and claim the entire property.
Clear a title as soon as possible
Without knowing whether or not the title to your new home is clear of defects, there is still the chance that another party could claim your property even if you have signed a property deed. Resolving these matters in court may be costly for you.
Different options such a professional title search and buying title insurance might help you clear the home title. Consider these actions before completing a home purchase.