Vocab Lesson 10 – Title to Real Property and Probate
While dealing with titles to real property in Florida, we are repeatedly challenged with the situation where the current or prior titleholder is deceased. If the deceased was a resident of Florida it is important to know the status of probate proceedings and contact the probate attorney. If a non-resident dies leaving real property in Florida, then ancillary administration must be opened in Florida. Read the rest of this entry
What is a title examination, or title search?
Title examination is the most important phase of a real estate transaction. The examination determines whether the title is marketable. It informs the Purchaser and the Lender if the property being conveyed is free and clear of any liens, encumbrances or judgments that may have arisen during prior ownership. It’s a close examination of all public records that involve title (deed) to a piece of real estate. The person conducting the search looks at past deeds, wills, and trusts to make sure the title has passed correctly to each new owner. The examiner tries to verify that all prior mortgages, judgments, and other liens have been paid in full. Read the rest of this entry