There are only few purchases as important as a home. When you buy one in Boca Raton or other areas of Florida, there’s more to it than simply signing papers and getting the front door keys. A critical component of this process is an examination by a title company in Boca Raton or a similar organization. Here’s some information on what’s involved and how to solve issues that may arise.
What Does a House Title Signify?
A house title, also known as a property title or certificate of title, is a concept instead of a standard document. It is the representation of every legal right related to the ownership and use of the residence. This includes the Rights of Possession, Control, Enjoyment, Disposition, and Exclusion. Some of these are limited by homeowners’ associations as well as city, county, and state regulations.
Why Is a Title Inspected?
In general, a title company Boca Raton based reviews these rights and regulations to see if any of them were violated by the home’s current owner. Once you agree to purchase a residence, the title examination is part of the closing process. An agreement can’t be finalized until everything is approved.
What Is the Process?
When a mortgage company requests a title search, the legal firm in charge of the operation reviews the history of the current owner and the property. In many cases, they also request that you purchase title insurance. Normally part of the closing costs, it protects the financial institution against any claims against the title.
What Are Possible Title Issues?
Several scenarios result in title issues. For instance, if the home is in foreclosure, then it might have unpaid judgment liens against it. In another example, someone who claims to be the homeowner could be conducting fraud or forgery.
There could be a conflict if the property is part of a will’s estate and ownership is undetermined. There could be an issue with the home itself once the house is sold. These can be of unlicensed construction or creating a boundary that exceeds its property lines.
Title Issue Resolution
There’s not much you can do if fraud is involved. Usually, the title company contacts law enforcement in this matter. If there’s a lien on the home, then contact the company that holds it to come to a negotiated solution. Make sure to then send proof of this by mail for verification.
In situations where a neighbor claims your fence is on their property, the best thing to do is request a mediator. These individuals help review official documents to determine if the claim is true. If it is, you can come to an agreed settlement to resolve the issue.
In the end, titles issues don’t have to end your home-buying experience. If you remain calm and patient, the problems will eventually be resolved. Moreover, you can always get an expert say in such issues by contacting the Expert Title Company at (954)-570-5959.