Important Steps for Buying Residential Lots and Land in Florida
Florida title searches are not only used in purchasing a house or condominium. Titles and deeds represent the property, not just any structure that is standing on it. If you are interested in buying a vacant lot in Florida to build a home on, make sure that you are following these tips:
When buying a residential lot or parcel, the chain of title needs to be examined closely. This includes looking through land records, liens, maps, plats, surveys and other legal documents that are in the public record regarding the property. A Florida..
Title insurance may just seem like another closing nuisance to you, but even though the house is new to you, the property has a history. A Florida title search uncovers any defects in that history that could affect the ownership of the property, while the property lien search ensures that the seller has no outstanding debts that are attached to the title. The title insurance provides added protection for you from any issues that may present themselves after the closing such as:
People refinance their Florida home for any number of reasons. Interest rates may have lowered significantly, making it possible to save thousands on mortgage interest. Or it may be time to tap into any built up equity to help finance a home improvement project or send the oldest off to college. Whatever the reason, your odds of being approved for a refinance loan will diminish greatly if your property is burdened with a title lien.
You could have a lien on your property and not even know it. A forgotten creditor may have filed a lien against your property for payment, or the original property lien search when you purchased the home may have missed a lien..
Before being able to close on a new home in Florida, the buyer needs to have a thorough review of the home title including a property lien search. Liens are more common in the real estate world, but often overlooked or even minimized by the buyer.
What the home buyer must understand is that by failing to anticipate a property lien, and insist on its settlement before the closing, the sale of the home can be delayed or even cancelled entirely. In that case, the buyer would have to start the entire home purchase process from the beginning, including the search and getting mortgage approval.
Worse is an undiscovered..