Liens and Title Insurance in Stark County

Learning About Liens With the Best Title Insurance Company in Stark County

Buying a home can seem like a long and overwhelming process as there are many things to consider, but with the right help, it can turn into ;an easier, more enjoyable process. Besides having to choose the right home that fits your needs and adapts to your possibilities, you also have to consider the legal standing of such property. This means you will need to ;go through several operations and some legal paperwork in order to ensure everything is in order. At ;Patriot Title Agency, Inc. we strive to make the title insurance procedure as efficient and painless as possible. Because we know how important your investment is, we want to provide you with some information to help you better understand what types of liens a title search can display.

What are Liens?

In our previous post ;we mentioned some of the various ;elements that a title search can uncover and why it is so important that these title defects and encumbrances be well known beforehand. One of the most important things that a title search reveals is the liens that a property may withhold. A lien ;is a legal claim adhered to a property ;stating that a certain amount of money is owed. Basically, liens are debts that are placed on the property when the owner refuses to pay the amount.

Trust Only a Professional Title Insurance Company to Thoroughly Search for Any Liens on the Property of Your Interest

A ;creditor can ask the court to place a lien on the property of a ;person that is in debt ;so that it can collect its money when the property is sold. If the sum of money owed is very large, it can result in the loss of such property in order to satisfy the debt. Being aware of any lien is crucial ;since it can remain attached to the property even if the previous owner is responsible for the lien. This can ;endanger your investment, and in riskier situations, could even lead you to lose your home. Make sure that the title search is thoroughly done and that any findings are inspected by a title insurance company you trust. At Patriot Title Agency, Inc. ;our professionals have years of experience and can help you detect any problematic situations. Make sure you contact us today, we are always glad to help.

Some of the Liens You May Encounter When Selling or Buying a Property

• Construction liens. These are one of the most generally known types of liens and are more common than you´d like. When there is any type of renovation ;or construction done in a home, the contractors, material suppliers, and subcontractors have the right to file for a construction lien (also known as a mechanic lien) in the event that they are not completely paid off. One of the biggest problems with construction liens is that the lien can be filed even if you paid the contractor. If they omitted to pay any subcontractors or material suppliers and you did not receive a release-of-lien form signed at the moment you completed payment, the subcontractors can still place the lien on your property even though it was the contractor that withheld payment. The best way to avoid this is to always ask for a release-of-lien form signed by all parties before rendering final payment. However, if for any reason the previous owner did any renovations just days before closing and did not complete payment, it could be a problem as the lien can arrive after you own the home. Make sure that you clear up any doubts over ;this before closing.
• Child support. In some cases, the court may attach a lien on the property of a parent that has failed to pay child support. This type of lien normally requires that the child support debt be paid off before the property can be sold.
• Other types of court orders. There are several other types of court ;rulings that may result in the attachment of a lien. Many types of debts or monetary disagreements may be settled by the court through a lien placed on the owner´s property.

Professional Services From the Best Title Insurance Agency in Stark County

Liens are best dealt with beforehand, and a good title search can help do just that. Learn more about the legal standing of the property you would like to purchase with a title search and assessment from ;Patriot Title Agency, Inc. ;Call us today at ;1-866-475-3005 ;and ask about our professional services for all your title insurance needs.