Making the decision to purchase a piece of real estate can be a choice for anyone to make. In addition to representing a sizable investment, there are numerous legal issues that can accompany property ownership. For those that will be buying a piece of real estate for the first time, learning the following answers to a few common real estate questions may help you to be better informed about this transaction.
What Is A Lien?
It is an unfortunate fact that some properties may have liens against their title. These liens are designed to force the owner of the property to pay debts. Unfortunately, a lien can complicate a real estate transaction because it will give the government a claim to the property. If the debt is not settled, the property may be foreclosed to settle the debt. To protect yourself against this risk, you should always make sure that you purchase title insurance for any property you buy. In the event there is a lien against the property, this insurance will cover the costs so that your property is not foreclosed.
Why Should You Have A Property Survey Done?
Some individuals may underestimate the importance of having the property surveyed prior to buying it. While this step can add to the cost of the transaction and lengthen the time needed to close the deal, it is critical for you to thoroughly understand the property boundaries for any parcel of land you buy. This will help you to avoid future conflicts with the neighbors and legal liabilities as you will know the definite boundaries of your property. If you make the mistake of inadvertently violating your neighbor's property, you may be liable for any damages that result. For example, if you install a fence that crosses onto their property, you will have to pay to have it removed and any damages repaired.
How Can You Protect The Financial Investment Your Home Represents?
While you may be aware of the need to protect your home against physical damage, it can be easy to overlook the legal liabilities of property ownership. However, if someone is injured while they are on your property, you might be liable for the damages and medical expenses. To help protect yourself against this risk, you should make sure to keep an active liability insurance policy on your home. When shopping for these policies, you will want to make sure to choose one that has ample coverage for medical liabilities as the costs of treating a person's injuries can quickly become staggering.
To learn more, contact a real estate attorney or law firm like Law Office of Richard D. Saba, P.A.