Before you purchase any real estate, you must ensure that you would be able to take ownership of the entire interest in the property. It is your obligation to conduct a title search to learn whether there are any encumbrances or clouds on the title. Given the stakes, it is better to hire a professional to perform this task.
There are various things that can place a cloud on the title and keep you from having an absolute and undivided ownership of the property. They include:
- A tax lien
- A mechanic’s lien
- Child support liens
- Other family law liens
- Encroachments or easements on the property
- Improperly probated wills
The person who claims to own the property may not even be the real owner. A professional would search public records to verify ownership of the property free and clear of liens.
Clouds on the title must be resolved before the real estate transaction can proceed. The homeowner may need to take action to satisfy or resolve the lien before they can sell the property. The two parties may need to reopen negotiations, depending on the results of the title search. For example, if there is an easement on the property, the buyer may renegotiate for a lower selling price because they do not have exclusive use of their own property.
Title defects could delay and complicate a real estate transaction, but title searches are entirely necessary to protect the prospective owner. You should always hire an attorney during the transaction process to protect your interest, and you should definitely retain one if there are title defects.
Contact a Miami Florida Real Estate Attorney Today
Attorney Daniel D. Diaz works with parties to a real estate transaction to protect their financial and legal interests. To speak with an experienced real estate lawyer, you can call us today at 786.256.3299 or send us a message online.
