Introduction:
Title issues create significant challenges and uncertainties during real estate transactions. This article demystifies title issues and provides a brief overview of title insurance in California.
Understanding Title Issues:
Title issues can arise from a variety of common property-ownership scenarios:
• Liens, such as unpaid taxes, mortgages, or judgments
• Encumbrances, like easements, or covenants
• Undisclosed ownership interests, conflicting wills, or unresolved claims
• Clerical errors, mistakes in surveys, or inaccurate property descriptions in public records
Such matters can jeopardize property ownership, affect the ability to transfer or sell the property, and lead to legal disputes. Identifying and resolving title issues preserves clear and marketable property ownership.
The Role of Title Insurance:
Title insurance protects against financial losses resulting from title defects or claims against the property. When issuing a policy, title companies will perform an extensive title search to ensure that the title of your property is free of defects. Buyers typically pay the title insurance premium as a one-time fee at the close of escrow.
Relevant California Laws:
The California Insurance Code and the California Civil Code outline the requirements and regulations for title insurance companies.
Additionally, California court cases can provide insights into legal principles and precedents related to title insurance.
Role of a Real Estate Attorney:
Consulting with a real estate attorney is crucial for handling title issues and insurance. An attorney can review title reports, and assist in resolving title disputes. An experienced real estate attorney can also evaluate title insurance policies, explain coverage terms, and represent your interests in legal proceedings.
At LS Carlson Law, our real estate attorneys have extensive expertise in title issues and insurance. Contact us today to schedule a consultation and obtain professional assistance promptly addressing title problems.
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