Real estate transactions are complex - if you've been a real estate investor for a while, you know that's true. However, you may not have dealt with a property that needs a quiet title action so you can establish true ownership of it. Often, owners seek quiet title actions when they are seeking financing to own the property or if they are trying to sell it and discover it doesn't have a clean title.
In filing a quiet title action, you are seeking to "quiet" any disputes about the property's ownership. These often include the following:
· If heirs claim ownership of the property. If the property was sold after someone passes away, the original owners' heirs may dispute the sale and claim ownership.
· If there is an easement on the property. Easements are supposed to be recorded in a property deed. However, sometimes they are not. That becomes a problem if you and a neighbor dispute over who really owns a shared driveway.
· If you are uncertain about the property's boundary. If you own a property where you are unsure exactly where your property line is in comparison to other surrounding properties or land, that can be a problem.
· If the property deed has errors in it or there have been past errors to record the property's ownership.
· If you bought the property through a tax sale process and want to sell it. A quiet title action may be required in Colorado in such cases.
When you file a quiet title action, it will take time to resolve it. Anyone who may have a claim to the land must be notified and given time to respond to your request for a quiet title.
Sometimes, if your issue is over an unclear property boundary or easement access, it would be better to hire a surveyor or try to come to an agreement with your neighboring property owner first. If you are concerned about an heir claiming ownership of the property, you can ask that person to sign a quit claim deed. All these options will be less time consuming and less costly than a quiet title action.
No matter what action you may need to take for a clear title for a property, consult an experienced real estate attorney about this. Buyers want to buy a property, not a future lawsuit. O'Brien Legal helps perform due diligence prior to closing to avoid situations like this.