Don’t Be Tempted By Shortcuts
We are all tempted to take a shortcut and ask a friend, colleague, family member, or neighbor to assist us with a professional service. While this may look attractive from a cost and convenience standpoint, it can be risky and costly down the road. Title and Escrow services on your largest investment, are no different.
Look at it this way, if you were to buy a Rolls Royce, would you take it to your neighbor down the street who has an automotive shop for domestic cars? Your neighbor is likely very expert at fixing American cars, however, they are probably not trained on the full-loaded, new Rolls Royce you just purchased.
Most people have their home as their largest investment. If you have an electrical problem in the house, you would call an electrician (we hope), and if your air-conditioning malfunctions in August in the desert, you are most likely going to call a heating and air-conditioning professional.
In some instances, the issue may not be something you can see, feel or touch. This is where Title and Escrow services can come into play. Let’s take a look at a few examples:
- A couple buys a house and only one of the spouses is on the title. They will want the non-borrowing spouse added to the property and will often look at one of the professionals that assisted them in the purchase of the house. Most people genuinely want to help other people. They have the best intentions in mind. What sometimes happens is that in wanting to help, they actually make a situation more complex. Later on, if there is a problem with the title to the property, the homeowner bears the burden, and the cost of curing the title issue sometimes referred to as a “cloud on the title.”
- Now let’s talk about someone who is in another state. You may know someone who is very experienced in this arena, however their expertise applies in another state. Once again, with all good intentions, they may not know best practices in that jurisdiction where the property is located. We have seen, on multiple occassions, where an experienced professional in another state has caused their client to pay Transfer Tax in Nevada when an exemption from that tax was available. The cost of the Transfer Tax was considerably more than if they had hired someone locally to take care of this.
- Taking matters into your own hands with online forms, YouTube how-to videos, Google searching and self-proclaimed self-help “experts” is not necessarily a good idea. None of these have the specific knowledge of your situation and/or your jurisdiction. It is always better to seek out a professional who is experienced in your market.
Take the time to research and find the appropriate professional to assist you with any changes to the ownership of your real estate. A small investment upfront can provide long-term peace of mind.
We are always available to answer your questions about your unique scenario. We can be reached at 702.233.4014.
Quick Claim USA and their employees are not attorneys in the State of Nevada or in any other State or Jurisdiction. Quick Claim USA is not licensed to give legal advice and may not accept fees for giving legal advice. Should you have questions regarding any of the above items, you must seek the advice of independent legal/tax counsel of your choosing.