The real estate market is booming these days. Some homebuyers in Tennessee to put down an offer on a home without even stepping foot in it first, and sellers are eager to accept the highest bid as soon as it comes their way. However, it is important not to be too hasty. You have to do your due diligence when buying or selling a home and part of that is performing a title search. If the title search brings up a conflicting claim on who is the rightful owner of the property, a quiet title action may needed to clear up the matter.
What is a quiet title action?
A quiet title action is filed to eliminate ambiguities in the title to a piece of property when it is discovered that a third party has an interest in the property. If the plaintiff to a quiet title action prevails, they have full possession of the property and any future claims contesting ownership will be barred. Quiet title actions can take a while to resolve sometimes taking eight to 10 weeks to complete.
Quiet title actions: an example
The following is one example of a quiet title action. A homeowner may wish to sell their property but a subsequent title search uncovers an interest the mortgage lender has in the property that was not satisfied when the mortgage was paid off. The homeowner can file a quiet title action to determine whether the lender has a claim to the property. If this claim is cleared up through the quiet title action, then the homeowner will be considered the legal owner of the property giving them the go-ahead to legally sell their home.
Learn more about quiet title actions
Title searches and possible quiet title actions are only one part of the process of buying or selling a home. Many people in Warren County may not understand all the legalities involved when they buy or sell a home. Fortunately, attorneys are available to help homeowners understand their rights. This post is for informational purposes only and does not contain legal advice. Our firm’s webpage on real estate law may be of interest to those who want to learn more about this topic.