Buying or selling property usually requires a title service. According to IBISWorld, between 2017 and 2022, the U.S. title insurance industry grew an average of 6.6% each year. Homeowners that opt to use a title service are glad to avoid these three common problems that can happen without title insurance.

1. Illegal Deeds

If there's a prior deed associated with your property that turns out to be false, the entire chain of ownership can be called into question. If someone who was married sold their home without the consent of their spouse, the next deed would be considered illegal. The same is true for other types of illegal deeds. No one wants to buy a home that has questionable ownership patterns and have their right to the property questioned. A thorough title search can help you avoid this problem and have the information you need to make an informed decision about moving forward.

2. Liens You Didn't Know Existed

If a prior owner of your property had a lien filed against the home, you could be in for an unpleasant surprise. If they wanted to, banks and other lending institutions could seek payment for liens attached to your property, even if they aren't yours. You could find yourself with an expensive legal battle on your hands if you were to neglect using title services on the closing of your property. Make sure that the property you want to buy is clear of any and all liens.

3. Clerical or Filing Errors

A lot of headaches in the world can be caused by simple slip-ups that don't seem very important. If your property is misfiled or there's been a clerical error on any form associated with your property, you could have a problem on your hands. These errors will have to be corrected, and the burden of that task typically falls to the homeowner. It's better to find these errors at the beginning of the process when you're able to decide if you still want to move forward with the transaction. Avoiding clerical errors is one benefit of working with a title company.

We're the local title service to call for your next closing. Our team will help you with all of your title search and insurance needs. Give us a call today at E & E Settlement Services to get started. We look forward to working with you!