Question

Why is it important to understand all the ownership rights associated with real estate and give an example of how a potential conflict of these rights may affect the value of real estate.  

Answer 1

First I explain ownership. Ownership is a title of property. The right by which a thing belongs to someone in particular, to the exclusion of all other persons.

Ownership is the full and complete right of dominion over property.

In real estate, there are risks associated with ownership right in the title to property.Let's see one example:

George purchases a house from Thomas. George asks Thomas, if there any outstanding debt against his property. Thomas assumes George that property is free and clear of any liabilities. To verify Thomas' s statement George may ask for a title document.

Title in the field of real estate, a group of rights that belong to the property' s owner. Rights within a title can include to live in,lease or sell a home .

Sometimes, there is a possibility of some hindered Liabilities caused by owner, which can be transferred to the new owner of the property from the former owner. This is unnecessarily burden was imposed on new owner.

So the understanding Real estate ownership right band processes can help any prospective land owner avoid the risk of an improper sale,Scam or undisclosed property issue.

Some possibilities:

1. In deeds, another name is mentioned as owner of property whereas seller of property is different person.

2. Land/ property may be a government property.

3. Any liability or tax is outstanding and the seller can not sell the property without clearance of debt.

To find out basic information about a ownership individuals can go directly to the court, use an online database or work with an attorney or real estate professional to conduct property due diligence.