The purchase of real estate is often one of the biggest single investments in one’s life. When contemplating a real estate purchase, buyers consider many factors such as location, condition of the property, price, and size. Buyers often take for granted that the person who is selling the property is the actual owner and can transfer clear title to the property to the buyer. Depending upon the age of the property, title could have passed through countless hands in the time leading up to the buyer’s purchase.
Title is the fundamental concept in real estate ownership and evidences one’s legal right to own, use, possess, and sell real property. Title insurance protects against claims by third parties that can jeopardize one’s property rights and provides security and peace of mind to owners of real property. It helps to ensure that they will not lose their considerable investment, due to fraud perpetrated by an unscrupulous seller, unsatisfied liens, or other third party claims that cloud title. Unlike conventional insurance where you pay a monthly or annual premium for as long as the policy is active, with title insurance you only pay a single, one-time premium and the policy is in effect for as long as you own the property.
As title agents, we facilitate the transaction from the signing of the contract to the closing of the transaction and beyond. As title agents, our duties include:
- conduct a title search and examine title to determine the current owner and chain of ownership;
- identify any mortgages, judgments, claims, and liens;
- commission a property survey and review the survey to identify any issues with boundary lines or encroachments;
- review county records to verify that property taxes are paid and status of any permits;
- prepare title commitment and owner’s title policy;
- prepare lender’s policy;
- hold deposits in escrow and disburse funds to the appropriate parties, including paying off any prior mortgages, liens, and open permits that were required to be cleared; and
- record the deed and other documents, such as mortgages, in the official records of the county where the property is located.
Barbosa Legal is an agent for Old Republic National Title Insurance Company and provides personalized representation in all stages of commercial and residential purchase, sale, refinance or equity loan transactions. We are also trusted and certified by Secure Insight which means we have been thoroughly vetted and that our practices are in compliance with the professional industry standards for handling and protecting our clients’ sensitive, financial information. You can count on Barbosa Legal to thoroughly research the chain of title, help you meet title requirements, and advise you of exceptions. Our team will carefully and efficiently vet the title of any property in Florida and provide information even on matters that do not cloud title, such as open permits.
Although there are many moving parts and real estate transactions can be complicated and stressful, Barbosa Legal’s attorneys and staff have the training and experience to streamline the process and make it stress free for the parties. If you are considering buying or selling real property, contact us for a consultation to ensure that you are properly represented and your rights are protected.