Have you ever wondered why many people purchase title insurance when going through a real estate transaction? The answer is simple: Too many things can go wrong with the title that could leave you out in the cold. This insurance is good for titles of commercial and residential properties. Today, we will take a look at the common problems found with real estate titles in Fort Lauderdale, Florida.
An all-too-common issue is an error with the public record. A title is a public record. It's quite possible that the person who recorded the title made a mistake when doing so. This can prevent you from selling your current home or even buying a new one.
Boundaries and issues with the survey of the property in question are other common title issues. There might be multiple surveys of your property. Then a neighbor might have a survey of his or her property that shows different boundary lines.
Unknown liens can also pop up after you have purchased a property. The debt of the previous owner is not your responsibility, but there's nothing stopping banks from putting liens on the property even after it has been sold to someone else.
The title on record could very well have been forged. Forged documents are still a problem in today's world, especially since technology has made it easier to accomplish. You could find yourself in jeopardy of owning a property if forgery issues come to light during a title search.
The problems discussed in today's post were not exhaustive. There are other issues that can arise when you do a title search in Florida. Just be sure to purchase title insurance to protect yourself and your investment.
Source: First American, "10 Common Title Problems," accessed May 04, 2018