What Is Included In A Title Search Report In Florida?
How to find out if a property has clear and marketable title?
A Title Search in Florida consists of several pieces of information relating to Florida real estate, including the chain of title, outstanding liens, ownership, and a variety of important details about the real estate. Title searches are often conducted just to assess the legal ownership of real estate. A Title Search will also reveal if there are any mortgages, liens, and other encumbrances. Any and all of these factors can impact how and if a property can be sold, gifted, or conveyed with clear title and/or marketable title.
7 Sections Of A Florida Title Search Report
1. Apparent Title Vested In:
This section contains the information on who owns the property currently—specifically, who has the current right to ownership of the property. If you are purchasing real estate, then the name of the person you are purchasing it from will appear here. In addition to a name, some information about their deed could be present as well. This person is commonly referred to as the grantor.
2. Description Of Real Property:
The legal description of where the property is located and where such property is recorded in the official records. This section will identify the official records book and page in the public records of the county where the property is located. In the description, a book type and page number will be provided.
3. Muniments Of Title:
This section shows the history of ownership upon the property as it was documented in public records. When ownership of a property and title changes, those changes are documented within the county it resides in. These muniments show issues that have been litigated in the past which may affect the ability to convey.
4. Mortgages, Assignments And Modifications:
A section containing information about mortgages will always be present. It will include all the information necessary like, when the mortgage was taken, who the lender is, the original amount, and where this information is recorded in public records.
5. Other Property Liens And Other Encumbrances:
A lien is the “right to take possession of property belonging to another person until a debt owed by that person is discharged.” If a lien is recorded in the chain of title, then the property owner must satisfy of record that indebtedness.
An encumbrance means that an outside party has a right or interest to the property in question. These may be financial or non-financial claims. For example, if a property lies in a gated community, that property is subject to the rules and agreements of the gated community. Here is where all other liens, besides mortgages, lis pendens, will be found.
An easement is the legal right of a person to use someone else’s land for a specific purpose. This means that the property may be limited in how it is used or it may allow for a third party to have access to the property.
7. Tax Information:
For the year in question, a Title Search will contain the ad valorem tax status of the property, if the taxes have been paid or not and, if so, how much taxes were paid, and the gross amount of taxes that are due in the year the title search was conducted.
3 Ways To Do A Title Search On A Florida Property
1. Hire a lawyer and he/she will do it for you. Along with the report, you’ll receive advice on how to proceed. For more information here read our article on our real estate blog: Florida Title Company or Real Estate Lawyer: Who Should Handle Your Closing?
2. Go to a Title Company. People like realtors and insurance agents will encourage buyers to pay for the costly title insurance policy. The issue with this option is that a Title Company cannot give you legal advice.
3. Conduct a public records search yourself. This option is not recommended. For a complete title search report, you cannot conduct a simple search in public records.
Read: How To Look Up A Florida Deed
How Much Is A Title Search In Florida?
Title searches in Florida can range from $150.00 to $500.00 in Florida. In a FAR/BAR contract, the pre-printed cost of a title search is $200.00. However, the price will be higher if you are not under contract to sell the property.
How Long Does It Take To Do A
Title Search On A House?
A title search should not take longer than 5 business days to complete. However, if the person ordering the search requests copies of all of the documents listed on the search then it may delay the delivery of the report. In some instances, the report can be rush and delivered within 3 business days.
What Isn’t Included In A Title Search?
A title search reflects only those matters recorded in the Official Records Books. The title agent is responsible to find other issues that could impact the ownership and value of the real estate, like encroachments that a Survey would show or a lien that a municipal lien would find or condo or HOA estoppel would report. Also, a federal tax lien search of the Secretary of State’s records may be required.
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Read: 19 Reasons To Hire a Real Estate Lawyer When Buying or Selling Florida Real Estate
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