In real estate, there are many terms and jargon to know. One to learn about is the quiet title.
A quiet title is a lawsuit that’s filed to determine ownership of property or real estate when it is in question. If you are purchasing real estate, it’s important to ensure you have a clear title, which means there are no levies or liens in place, against the title. It also means there are no disputes regarding who owns the property.
How to use the quiet title when purchasing real estate?
To start the process, a property owner can file a quiet title action. This legal process is used to determine the property’s owner. It is a type of lawsuit filed by the party claiming to be the owner of a property when others have claimed it.
Once complete, the title is closed and all adverse claims are quieted for the owner. Additionally, no additional challenges to the property title are allowed.
Why is a quiet title action beneficial?
When the quiet title process is complete, you have a clear title. This is needed to close a real estate transaction. It can be established by title companies, which are responsible for title searches and determining the legal owner of the property while checking for any claims made against the property in question. The purpose of title insurance is to protect a person’s interest in property against legal defects.
Protecting your rights in real estate transactions
The quiet title has an important purpose. If you need to move forward with this action for the property you own, it’s a good idea to work with a legal professional. They will be able to review the situation and ensure the property’s owner is established and that there aren’t any issues present.