A title is a legal concept which traces a chain of ownership in real property ending in the current owner’s legal right or “title” to the property. The purchase of a home necessarily assumes that the buyer will receive a clear, marketable title at closing. Therefore, it is essential to have an expert title company conduct a title search on on the property being acquired. Public record errors can complicate the title process.
A title search is performed to ensure title to a property is free of any liens and encumbrances and is in fact owned by the seller. The search reviews prior deeds, court orders, mortgages and evidence of other liens and other possibly troubling documents recorded in the official records of the county in which the property is located.
All properties have a history, and not infrequently a title search will reveal issues that must be investigated and/or resolved. Matters such as spousal rights, proper re-titling in the beneficiaries or heirs of deceased title owners are two areas that are often problematic and msu be resolved.
Other problematic areas include Inaccurate legal descriptions of the property, improper execution of deeds or mortgage satisfactions and the liens of outstanding mortgages that should have been satisfied in previous sales. Similarly, Improperly filed legal documents, pending legal action, bankruptcy filings and unpaid judgment liens can result in the requirement for some form of remedial action.. The title search finds these problems so that any issues can be resolved.
How to protect yourself from title problems
An owner’s title insurance policy will help protect both the buyer and the seller who warrants good title from title defects. This insurance may cover the legal costs to defend your interests as well as losses sustained as a result of a covered title defect.
Florida National Title Services
Florida National Title Services provides expert title services and researches the title to make sure the home belongs to the seller. You need an experienced title company to ensure the title of the property is clear from all defects. Florida National Title can help search any titles on any property you wish to purchase.
Florida National Title has years of experience guiding Florida homebuyers through the real estate purchase and refinance experience and have helped them solve the problems that come up in the process. We will decipher the “legalese” and explain what we need and why we need it each step of the way. The blogs to follow will address specific issues to guide buyers to understand the process better and to help them avoid many of the pitfalls. Call us at (561) 408-0729 or visit our website.
Florida National Title Services, LLC
250 S. Central Blvd., Suite 101
Jupiter, Florida 33458
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