It can become overwhelming!
Have no worries for in this article I will explain the “Title Search”. Whether you are purchasing a luxury condo in Bal Harbour or a single family home in Aventura one necessary step in the process is the “title search”.
Today I explain the following:
- What are a title search and its purpose
- Who performs this research
- Costs involved in obtaining a title search
- A full legal description of a unit
- Name of the current owner
- Any mortgages on the property (liens)
- If there were foreclosures on the property, these would show up
- Tax information and the status of payments
- Additional Liens held on the property
A title search will also review if there are any limits as to how the property can be used. As an example, if a business can be established in a residential local.
A title search can be conducted by two organizations, a title company or a real estate attorney. If you do a search over the internet, you will note there are many businesses that offer to provide to you this type of investigation, for a fee of course.
My suggestion is to leave this valuable and necessary work up to a professional… better safe than sorry.
The costs can vary for this step, but the good news is the SELLER pays for the title search.
Do you have other real estate questions? I can help you. Contact me at 786.797.9088 or drop me an email here.