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5 Things You Need to Know About Florida Title Searches

16 Jul 2015

 

Going into a home purchase without doing proper research can lead to trouble down the road. That is why title searches should be a vital part of the process. Florida title searches can show you pertinent information in addition to other facts you may not have realized you needed to know. You can prevent problems from threatening your home ownership rights by following these five simple tips:

 

Do Your Homework

Performing a title search on your own will take some work. Everything you need to know is public record, but there are many documents to read and analyze. Once you have everything you need, you can figure out how much the home is really worth. Compare that to the listing price, and calculate how current liens will affect the bottom line.

Understand the Liens

The state and national government, as well as other parties, may have filed liens to recoup their losses on property where owners have incurred serious debt. For the most part, these will not be your responsibility. Liens from credit companies and other personal judgment debts will not cross over to the new homeowner.

 

What will follow a new homeowner, however, is a lien that was not covered by foreclosure. If you are buying a foreclosed house and the price does not cover the debts of the previous owner, you have inherited a new debt. This information can be found through title searches. The experts at Marina Title can assist through the entire process.

 

Title Searches Are for More Than Foreclosures

Even if you are buying a home in the nicest part of town, a title search will always help. A title search can answer important questions about the history of the home, past grievances and anything else that could affect you down the line. If the search comes back clean, it is time to move forward with the purchase.

 

If there are liens currently on the home, you can use that to your advantage. Information about the current owner’s debts can be a powerful negotiation tool. This holds true for foreclosure sales, short sales and even traditional sales.

 

Prepare for the Worst

Numerous issues can arise in a title search – one of them being bankruptcy. Although the situation may seem straightforward, it can often bring the process to a stop. It is important to identify which liens were removed by the bankruptcy via an “Avoidance of Lien Order,” and which ones still remain.

Hire a Professional

Combing through document after document can be a tedious task, especially if you don’t know what you’re looking for. To make things easier on yourself, hire a professional service that can handle the paperwork and provide you with the information you need.

 

For Florida residents who are looking to buy a new home or property, Marina Title can assist you through the entire process. We can perform a title search for you, help you file for the right type of title and get you insured. For more information, drop us a line at 1 (800) 610-4750 or reach out to us by email at info@marinatitle.com.

 

 

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