Read Your Deed!

Are you familiar with the deed to your property? Is anything missing or unclear?  If you have questions, and particularly if you’re aware of issues that could affect a sale, discuss them with your attorney before you list. Allow enough time to resolve problems, especially when other parties are involved. Any issue with legal ramifications must be recorded at the Courthouse in the Register of Deeds office.

Problems often arise when new neighbors, who were not parties to original handshake agreements, buy property and are expected to continue traditions. Gone are the days when these informal agreements are sufficient, especially in the areas of maintenance and sharing expenses.  

Here are some common situations that could delay a closing, or cause a buyer to cancel the purchase:

• Clear and Complete Title to All Property Being Sold. REALTORs® often discover that some part or all of the property can’t be sold because the seller doesn’t have clear and complete title.
• Private Road or Driveway with Shared Maintenance. Buyers will want the agreement spelled out and recorded. How are expenses shared? Who can make decisions for the parties? How is non-compliance or non-payment handled?
• Easements.  Easements should be clearly marked on a survey and recorded. One easement usually suffices for gas, electricity, cable and water. 
• Clearly Defined Entrance. Legally, a piece a property can’t be landlocked. The buyer’s REALTOR® will check the deed to be sure this issue is addressed. 
• Shared Well. The agreement among the parties sharing the well must be recorded, and it should specify how the expenses are divided. Who has the electric meter for the pump? Who pays for maintenance or replacement of items, such as the well pump? 
• Ownership by Quit Claim Deed. If this applies, notify your attorney and obtain clear title before your property is advertised. Your attorney can explain your options and advise you about your situation.
  

The worst case scenario would be to have a prospect who really wants your property, but goes away upon discovering that there could be a cloud on the title to the deed, or other unresolved issues.

Smart Selling Tip: If you have questions, or there are any issues that affect the deed to your property, consult your attorney. Allow time to resolve problems with all affected parties, and record the changes to the deed at the Courthouse before you list.