What is a title search?

A title search examines the details of a property’s ownership history to determine whether the title is free of any liens, easements, and encumbrances. The examination determines whether there are any legal limitations or adverse matters, including liens, mortgages, ownership, chain of title, legal property description, assignments, modifications, encumbrances, restrictions or easements, fraud, forgery, conflicting wills, missing heirs, boundary conflicts, and property tax detail.

What is an owner’s title policy?

An owner’s title policy protects a new property owner from potential title defects due to liens placed against the prior owner’s debts. The owner’s policy eliminates the potential for title defects due to liens and encumbrances on the property for previous incidents.

Who pays for a title insurance policy?

Title insurance premium payment varies by county in Florida. In Indian River County and most other counties in Florida, the seller pays for the title insurance and has the option of choosing the title agency and closing company. However, the onus typically falls on the buyer in Miami-Dade, Broward, Sarasota, and Collier counties.

How long does a title search take?

Most title searches take between 7 to 10 business days to complete.

 Who conducts a title search?

Title searches are generally initiated by the buyer and, in some cases, by the mortgage lender to verify property ownership before loan approval.

How much does a title search cost?

In Florida, a title search typically costs between $150 and $500. The cost ranges between about one percent of the property’s purchase price and less than 10 percent of total closing costs.

What types of things should I be concerned about showing up in a title search?

You may want to rethink your purchase of the property if the title search shows that there are outstanding lawsuits or liens, questionable records, forgery, fraud, unclear ownership history, unrecorded easements, etc.

A title search will give you the opportunity to clear up any areas of concern regarding your real estate purchase, ensuring that the property you are buying is free and clear, preventing future hardships.

Licensed Florida attorneys founded Fleet Title to bring high-quality, fast, and efficient title services to the residential and commercial real estate markets throughout the State of Florida. Our attorneys have closed real estate transactions for over 25 years. At Fleet Title, you will benefit from our experienced attorneys at the cost of a title agent. To learn more about the services offered in Vero Beach, visit fleettitle.com, call (772) 224-3338, or email them at info@fleettitle.com.