Getting the keys to a new home can be one of the most exciting times of a person’s life. Without a lease and landlord to contend with, real estate ownership for many equates to a new kind of freedom and potential monetary gain. However real estate ownership is not only about freedom but responsibility too.

When you buy new property it is customary to file or record that transfer of title with your respective county recorder’s office. This recordation lets the state know who owns what property and also becomes a matter of public record, allowing anyone to see whom or what entity owns a particular piece of property.

After the transfer of title is complete you will be expected to pay for property taxes to the state. If you get behind on payments you might be sued by the state for failure to pay the balance. It’s important to reply to these litigations as soon as possible in order to maintain an interest in the property. A licensed real estate attorney can help you maintain real estate ownership by working with the state for a new payment arrangement.

If a payment arrangement can’t be secured, then the state will be able to sell the property at an auction to pay the balance. Many states allow a small window of time for the former owner to buy back the land by paying the remainder balance of their previous land taxes and a small fee. With the help of a licensed real estate attorney you can reinstate your real estate ownership during this window.

But sometimes problems arise outside of real estate ownership that can affect the real property in your name regardless.

If the real estate is owned in an individuals name that will mean that any judgment or lien levied against that person’s name could eventually attach to his or her property for failure to pay. Any judgment, from failure to pay child support, to breach of contract, could affect your personal stake in your real estate ownership.

Many individuals protect their real estate ownership by putting their land in trusts or in the name of a limited liability company. These entities are good for people protecting their property for future generations or for real estate owners running commercial operations using their estate.

It’s important to remember that there are pros and cons to each choice you make in regards to how your maintain interest in your property. New rules and procedures may apply with each company or trust you create and may depend on other people’s involvement to solidify each new entity.

Consult with an attorney to see what options might be right for you and your lifestyle. If you are contemplating real estate ownership you need to know the potential threats and potential fixes that will help you enjoy your property without running into trouble. Consult an experienced, licensed real estate attorney to help you avoid the potential threats and new decisions ahead of and enjoy your real estate ownership.