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It is important for you to learn what quiet titles are if you are in the business of purchasing property. It doesn't matter if you are using the property for investment or personal use, as a real estate owner there are many different situations that can cause unwanted complications with ownership. Other claims of ownership will cause delays or prevent you from enjoying the property or selling it to recoup your investment. Quiet titles actions are legal actions that result in a judgment from the court declaring validating your ownership claims and "quieting" all other claims. These lawsuits are necessary for one owner to receive a clean title to a disputed property if there are several different parties trying to establish their ownership. The name refers to the fact that by securing this type of document, all other illegitimate claims of ownership are silenced. This is a good maneuver that comes in handy when there are numerous transfers in a property's history. In order for anyone to obtain these documents, they must go to the local courthouse in the county where the property is located and file a petition for quiet title. Proof will be needed to show to the court that they have a legitimate claim of ownership to the property that is in question. The proof must show that their ownership was obtained legally and without prior knowledge of any other owners. In most states, the person filing the suit must be in possession of the property. If the court determines that the petitioner's claim for a clear title on their property meets all of the requirements, the petitioner will be given a quiet title judgment. This is a legal document that shows that the petitioner's ownership is legally recognized and has been validated in a court of law. It takes precedence over any other ownership claims on the properties. The only way that this decision can be overturned is if someone is able to provide significant evidence that refutes the legally recognized owner's claim. This can happen at any time. The most common situation that arises and results in the need for this form of action is with distressed properties. These are properties that have been sold at tax sales to recover the delinquent taxes that are owed. When investors and other parties purchase these properties only to resell them for a bigger profit, discrepancies can arise in determining true ownership. Other liens may exist on the property. Redemption periods vary from state to state and in some cases the original owner may still have all rights as the legal property owner if they pay off their debt that is owed within the redemption period. And errors in recording property transfers can also be an issue. Keep in mind that filing for quiet titles is a good defense to use if you purchase property at an auction and are in the process of converting it for your personal or business use. Instead of assuming that everything was in order at the time of sale, your best form of legal recourse is to hire a real estate attorney who can file a lawsuit for you to receive a clear title that establishes you are the legal and rightful owner of the property. Interested in learning more aboutquiet titles? Visit the following for professional advice on this process: http://taxtitleservices.com.
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