Buying a foreclosed property can be an advantageous and profitable move for many in the home-buying market. It is possible though to find yourself in an unexpected legal quandary.
It has happened in the past that people have bought foreclosed homes, at great prices, and found out later that there were liens or even second mortgages on the property. There are measures though that you can take to ensure that this does not happen to you.
The first thing to remember when buying any property is to ALWAYS have a title search done. A title search will usually show any liens on the property, and ensure that the seller of the property is permitted to sell the property.
The next step to ensuring a clean purchase is to have the transaction insured. Title companies are run by people, who can and (though it is rare) do make mistakes. Title Insurance protects you if something does not appear in the title search.
Finally, an extra step that could be taken when purchasing a property is to hire an attorney to assist you. They can ensure that liability is minimized and give you piece of mind. Contact us today for your free consultation.