Buying and selling real estate is a way that people in Philadelphia can earn a significant amount of money. Real estate investors like investors in finance want to buy low and sell high. This means they find property that may need to be fixed up, but once certain parts are fixed, the property can be sold for a much higher amount in a relatively short period of time. Other times it means buying property in areas that will improve in value due to changes in the neighborhood around the property.
When buying property like this there are a couple of common types of deeds investors may use in order to transfer title. One is a tax deed and the other is a quitclaim deed. Tax deeds override all claims previous lenders may have in the property, but do not resolve them on the title. When quitclaim deeds are used, titled is transferred without any warranties that the title is clear of any defects. If the new owner wants to sell with a warranty deed when they are ready to sell themselves, they will need to ensure no one else has a claim to the property.
To resolve both of these potential issues with the tile, people buying property may need to start a quiet title action to ensure there are no other claims to the property. Quiet title actions can help resolve the following issues:
These allow another property owner use on a part of the property to either go through it such as a driveway or path to get to their own property. These can be especially important if the new owner plan on making significant changes to an existing building such as an expansion that would block an existing easement. It is much easier to ensure there will be no problems before a project starts than after it is completed.
These can arise in situations when a survey was not completed. Also, over time two owners may not remember certain boundaries and another owner assumes certain parts near the property boundary that was never part of their property. Knowing exactly where the property boundaries end is important.
Certain properties may have been transferred to people through probate and was never properly transferred. Other times people who received part ownership may have never been properly notified and later find out they have an interest in the property.
Liens are put on property for a variety of reasons. Sometimes these liens can be satisfied, but the lien may have never been properly removed from the public records. This can cause issues later on when the new owner wants to sell the property and need to be resolved.
Quiet title actions can give new owners of property in Philadelphia the peace of mind that they in fact own the property free and clear of any other ownership claims. They can then just focus on improvements, renting the property and eventually sell it without any hidden problems. Experienced attorneys understand the importance of these actions and may be able to guide one through it.