Nothing spells success than being able to find the house of your dreams right in Townsville. It has a remarkable combination of a thriving economy and a laid-back lifestyle. It’s an awesome place to build a career or start a family. If you want to start over, this is a good choice as well. But wait, before you become too excited to make an offer or move in, check the land title first.
The Problems with Land Titles
When you buy a house, you will receive a title — a legal document that proves ownership. If it’s a previously owned property, then the title should come from the homeowners. But that doesn’t mean they are the real owners of the property.
If the house is under a mortgage, the homeowner doesn’t have the full authority to the property until they have paid their debts. If they default, the lender has the option to repossess the property.
It’s also possible there are liens on the house. This happens when there unpaid taxes and other debts due on the property. If somebody wants to claim a stake in the house, they can also put a lien.
What do all these mean to you as a buyer? It’s a complicated legal issue that’s hard to get out of. Not only that, you run the risk of losing a lot, including money and the home itself. It can be a huge source of physical and emotional stress no future homeowner should go through.
What Should You Do?
Don’t let your experience in moving to Townsville a nightmare. While it’s always best to buy a home with a clean title, it doesn’t work that way all the time. To help you deal with all the legalities, call conveyancing solicitors in your Townsville neighbourhood. They can help you navigate through the tedious legal jargon and sort out other title issues.
Land titles are more complicated than you think. Before anything else, do your research and ask the help of an expert.