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Avoiding A Quiet Title Action

If you are looking at purchasing property at an auction then you have probably heard that you will have to go to court with your property in a quiet title action. This does not have to be the case.

When purchasing a piece of property, it is important that both you and any future owners are protected from those that could claim the property as their own. In order for your property or investment to be protected from this, you will need special insurance. Mortgage lenders require title insurance to protect their investment. In order to get this insurance you will need to prove that the property is your own. When a property is obtained through a non-traditional method (tax deed or foreclosure for instance), one of the only ways to accomplish this proof is by filing a quiet title action in the local court. An alternative to going this route is to go to a title service company for certification.

The two main problems with a quiet title action are time and cost. The cost averages between $4,000 and $8,000. This alone might make you feel discouraged enough to look for an alternative. Not only is a lawsuit costly, it can take as long as a year to complete the court process and obtain a judgment. That is a long time to wait before you can turn the property you purchased into the money you want in the bank.

The process that a title service company might use is different than the quiet title action. The cost of this type of property certification usually costs between $1500 and $2800. Instead of taking up to 12 months to have your property certified for title insurance, this company has a plan that usually only takes 60 days to complete. That is quite a savings in both time and money by using a title service company as opposed to hiring an attorney and slogging through the legal system.

While this may sound suspicious because there is such a difference with both time and money, be assured that it is legitimate. When questioning a title service company, it is important that you question them about exactly what they will be providing. You want to make sure that they can back up what their promising and that it will actually help you in the same way a quiet title action would. If you have friends or relatives that have purchased distressed property, you could ask them if they have ever heard of this alternative. You can research online, and you can also talk to an insurer and different lenders to see if they will accept this alternative. If both have heard of this option and even the specific company then you should be okay to move forward with the title services company. It is always good to be cautious and thorough by doing your researchFree Articles, talking to people and reading reviews before paying for a service.

Article Tags: Quiet Title Action, Title Service Company, Quiet Title, Title Action, Title Service, Service Company

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ABOUT THE AUTHOR


If you are thinking about quiet title action choose a reputable service. To learn more about this procedure, visit: http://taxtitleservices.com.



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