A title record is essential when purchasing a house in Florida. It helps establish proof of ownership and protects people from fraud and other forms of misconduct. The Florida Division of State Lands records all title and land transfers conducted and any liens and claims resulting from a contract or a court order.
Sometimes, title disputes emerge when individuals try to conduct real estate transactions. This could be because of conflicting interests in property or other unexpected real estate issues.
Fortunately, there are ways to avoid any potential title disputes when buying a house in Florida. Here are three tips to consider:
If you have already identified a property that interests you, you first want to conduct a thorough title review. This protects you from any previous claim to the property and can also reveal any liens or claims on the property.
Research the property’s history to ensure that all prior owners and ownership transfers are recorded. Also, find out if the seller is the rightful owner and if they have the right to sell it. You can also check other documents related to the title, like the survey, to make sure the available information is correct and accurate.
Several title insurance companies can help with the title research process. Find a professional and reputable firm to help with the process.
Although standard title policy provides coverage against title disputes, it is limited in what it can cover. This basic insurance plan covers potential title defects, such as encumbrances, liens, or discrepancies in a property title.
On the contrary, an enhanced title policy provides additional coverage for such things as boundary disputes and the rights of owners. It also covers certain things typically not included in a standard policy, such as assessments, a review of the property’s history, and unpaid taxes.
Another way to reduce the risk of title disputes when buying a home in Florida is to go for low-risk properties. Keep in mind that some properties are at higher risk of disputes than others.
For instance, if a property was sold during a divorce or there are heirs that did not receive their fair share, that could lead to issues. High-risk properties also come with many risks and liabilities that should be avoided.
The best way to avoid potential title disputes when purchasing a house is to have a proactive plan at hand. A title insurance attorney can help you perform a title search and ensure that the title is valid and free from liens.
If you are considering buying a house or property in Florida and need help making the process smooth, Jacksonville title insurance attorneys at Atlantic Coast Title and Escrow can help. Contact us online or call (904) 853-5591 to get the help you need.