Undoubtedly, the services provided by our Boca Raton title Company are a jewel in the crown. They are what every real estate investor needs to secure their property (both buyers and sellers). Indeed, you cannot keep your fingers crossed over a huge investment like real estate, you simply need to ensure that everything is done appropriately. Accordingly, there are other additional services that our Boca Raton title company offers. These include title searches, lien searches, and municipal searches.
A title search is a review of public records to ascertain and verify a property’s legal ownership and discover what liens or claims are on the property. Usually, a clean title is needed for any real estate purchase to go through correctly thus the Boca Raton title searches service.
Customarily, a title search is done by a title company like Boca Title & Escrow or an attorney usually on behalf of a proposed buyer who may be having an interest in making an offer for the property. Also, the process may be started by a lender or other entity that requires confirming the ownership of the property and deciding what judgments or claims against the property may be there before accepting a loan or other securities in which the property is used as collateral.
When doing a title search, we conduct our research using legal documents and public records to find out the liens, absolute owner or other judgments on the property, the property taxes due and the mortgages on the property. Though it is conceivable for a prospective client or other people to do a title search on their own and you may think to do it by yourself in an attempt to cut down some seemingly unnecessary expenses, this is not advisable. One reason for this is that legal documents can be complicated and going through records at the courtroom can be a challenging process. It would be possible for an untrained person to overlook something crucial. title search lien search municipal search boca raton title search
What is Title Insurance?
Title insurance is a kind of indemnity insurance that guards the holder against financial loss caused by faults in a title to a property. Lender’s title insurance is the most prominent type of title insurance. In this case, the borrower buys coverage just to protect the lender. Normally, the owner’s title insurance is compensated for by the seller to guard the consumer’s equity in the property or estate and is prepared independently.
There are two kinds of title insurance available. A real estate owner can decide to acquire title insurance and lenders can choose to do the same as well. Lenders will need title insurance to guard their security interest in the property. More so, a property owner will acquire title insurance to safeguard their investment in their property.
What Type Of Protection Does Boca Raton Title Services Provide?
Title insurance will need a comprehensive title search of the property. The search will reduce by the great amount the possible liability to the owners of property by identifying any foreseeable title matters. Nevertheless, once a property owner buys and takes ownership of a property, title insurance will guard against any action that challenges the legality and validity of the new owner of the property.
Usually, title insurance protects the lender and the real estate owners against damage or loss transpiring from encumbrances, liens or defects in the title or original ownership of a property. Unlike conventional insurance, which guards against unfolding events, title insurance guards against claims for preceding occurrences.
Many people are aware of the types of insurance that cover situations that have not yet occurred- medical insurance, automobile liability insurance, life insurance are some of the examples that fall under this category. Ordinarily, these policies comprise of events that take place before the date the policy is given. In simple terms, you cannot acquire life insurance on a person who has already passed on, and you will not get an insurance company ready to provide you insurance coverage for an automobile accident that has already taken place.
Contrarily, title insurance, on the other hand, includes events correlating to the title that has already occurred. It is important to note that it does not include anything that occurs to the title after the period of issuance. In case you have claims filed against the property for example for taxes that you did not get around to paying, your title insurance policy will certainly not going to assist you. However, if the lien is for taxes not met by an individual who possessed the estate or house 70 years ago, then you may be covered under your title policy.
What Is A Municipal Search?
Just like title search, Municipal search involve information searches concerning a property. However, the latter encompasses the Building Department and Fire Department documents. Data regarding the adjacent street is given as well.
A building department search will reveal the Certificates of occupancy and the building permits that are associated with the property at the moment. The building permits and the certificates of occupancy are significant as they are used to confirm that the local construction codes and zoning procedures have been followed. Further, they will reveal some details about the property like the number of bedrooms, bathrooms, etc. Such information is essential for both the buyer and the seller of the property. In case a lending institution is concerned with the deal, the searches are also important.
You should note that usually, “Open” building permits that are more than twelve months old will create a violation and there will a need to postpone a closing till the permit is changed to a certificate of occupancy or any other suitable designation. For example, there is an open permit for a complete basement. The basement is complete; however, the premises were never examined. Thus, no certificate has been given and therefore no proof of agreement with the regional building ordinances. Certainly, this open permit creates a violation.
What Is A Lien Search?
Generally, there are two sorts of liens that can be set against a property. A lien in which the homeowner agrees to is known as a voluntary lien. There is normally a contract required to place this kind of lien on the property and it does not negatively impact the property’s title, or your ability to dispatch title.
Typically, an involuntary lien is placed on a property following an unpaid obligation such as a home improvement invoice or a tax bill. These liens affect your ability to trade your property without difficulty. With these, it will also be quite hard to discharge the property from the public record.
In one way or the other, if you are a property owner or buyer, all the above services are essential to secure your future and save you from future mess. Luckily, the title Boca Raton, a division of Weston Title and Escrow is at your service.
Why Do I Need A Lien Search?
Liens can limit your ability to market your property as owner or a business individual in the future and can even cost you a lot to resolve. A lien on a property is a juridical claim against your home. It gives lenders a stake in your property and a chance to settle debts owed to them.