What is a title search?
A title search is a detailed examination of the historical records regarding a property. These records include deeds, mortgages, judgments, and many other documents. The purpose of the search is to verify the seller’s right to transfer ownership and discover any liens, defects and other issues regarding the property.
What kinds of problems can a title search reveal?
A title search can show several title defects and liens, as well as other encumbrances and restrictions. This can include unpaid taxes, unsatisfied mortgages, judgments against the seller, and restrictions limiting the use of the land as well as many others.
Are there any problems a title search cannot reveal?
Yes. There are some issues which could arise that are not found even by a thorough search. For instance, the previous owner could have incorrectly stated his or her marital status, resulting in a possible claim by a legal spouse. Other possible issues include fraud and forgery, defective deeds, mental incompetence, confusion due to similar or identical names, clerical errors in the records and many more. These defects can arise after you’ve purchased your home and jeopardize your right to ownership, unless you have title insurance to protect that right.
How much does a title search cost in Florida?
Our title search fee is $85.00. This is separate from the cost of the actual title insurance premium which is based on the price and/or loan amount of the property.
In addition to the title search and title insurance premium, you will pay a closing fee to the title company for handling the closing and disbursing the money to the seller; paying off mortgages and liens, etc. Our closing fee (which includes preparation of the Deed, Affidavit of No Liens, and other documents required by the lender or the underwriter) is the lowest in our area.