Selling Your Home What Can Go Wrong With Title and Lenders
If youre selling your home, there are going to be difficulties at some point in the transaction. Some problems cant be fixed. Its important to figure out whether yours are fixable or not. Then you can either fix them or move on and find another buyer. If its priced appropriately, theres a buyer out there for virtually every property.
Title Problems
You get a call from the person searching the title to your property saying your first cousin once removed is shown as having a ten percent interest in the property. I hope you (and not just your lender) have title insurance.
If you dont, perhaps your cousin will sign a quit claim deed (or whatever similar term your jurisdiction uses) if her father was paid for his interest long ago, but nothing was recorded to that effect with the land records. If that doesnt work, perhaps your cousin will agree to join in the sale and receive ten percent of the proceeds.
Failing that, youre probably looking at a court proceeding. The sale will fall apart, and youll have to start all over again once the problem of legal ownership has been resolved. Bummer....
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