If you are a first-time homebuyer, you are responsible for reading, understanding, and signing a small mountain of paperwork to finalize your purchase. While this process takes time to do well, it has been developed over decades to protect new homeowners.
Out of all this paperwork, the most crucial documents relate to your new home’s title. Real estate titles provide critical proof of ownership for tax agencies, lenders, and insurance companies who may be involved in your property. In this article, you will learn how real estate titles are drafted and transferred and how to identify the best professionals to assist you with your transfer.
What Are Real Estate Titles
A real estate title is the legal concept that grants you ownership of your property. It is conferred by a property deed, the actual legal document declaring that you own the property. Once a property deed is signed demonstrating that you own the home, you receive the title and the accompanying rights to the property, including:
- Right of Possession: You legally own the property.
- Right of Exclusion: You may exclude other people from your home unless a legal warrant or easement orders otherwise.
- Right of Control: You can alter your property however you want so long as it is permitted by law, zoning regulations, and homeowners’ association rules.
- Right of Enjoyment: You can enjoy your property however you want so long as it is legal.
- Right of Disposition: You can transfer or rent your property to anyone if there is no lien or law stating otherwise.
However, titles are not always eligible for transfer. In certain situations, titles may be clouded by incorrect information or subject to liens that prevent the owner from selling them. These include outstanding mortgages, unpaid taxes, or liens related to bankruptcy or other debts. Before purchasing a property, it is necessary to determine whether it is clouded or clear of liens that may make it ineligible for sale.
What Occurs During a Title Transfer in Florida?
Transferring a real estate title can be an involved process. As a potential homebuyer, you will need to work with a title agent, such as a closing attorney, to manage the process on your behalf. The title agent will perform several tasks on your behalf, starting with the title search.
During this search, your closing attorney will review the property’s public records and legal documents to confirm that it is clear, legal, and legitimate. They will look for proof that:
- The seller owns the property
- They have the right to sell it
- The information on the deed is correct
- No roadblocks are preventing the sale of the property
If they find issues, they will alert you and the homeowner and provide potential solutions to resolve them, such as having the homeowner agree to pay tax liens with the proceeds of the sale.
The closing attorney will also help you procure title insurance. These policies protect you should issues like undiscovered easements or liens arise after the sale is finalized. The policy will cover the costs of resolving these issues on your behalf. Furthermore, your lender may require this coverage if you are purchasing a property with a mortgage.
Finally, your closing attorney will draft the deed responsible for title transfers in Florida to give you ownership. They will ensure that the new deed is structured to account for all agreements you have made during the sale negotiation. The legal experience of a good closing attorney is invaluable for ensuring that no problems arise from an inaccurate or poorly written deed.
Qualities of Expert Florida Title Transfer Agents
Managing a title transfer correctly is essential. According to the National Association of Realtors, title issues are responsible for 13% of all closing delays in real estate transactions. Working with the right professionals to accomplish your transfer can prevent these delays, allowing you to close on time and avoid financial or legal complications down the road.
You, your realtor, and your mortgage lender can work together to identify the professional Florida title transfer agent to accomplish your transfer efficiently and effectively. When considering whether to work with a specific title agent, look for the following features to confirm their quality:
Significant Legal Real Estate Experience
The best title agents are those with extensive legal experience in real estate. Attorneys specializing in real estate transactions have comprehensive knowledge of the field, allowing them to handle research, insurance, and drafting of deeds effectively and accurately. Consulting with real estate attorneys for title transfers minimizes the risks of delays and legal complications.
Professional Communication Skills
Titles are critical to finalizing your purchase, so your closing agent must communicate with you clearly throughout the process. Professional communication ensures you have the time to address issues before they cause delays and cost you money.
Dedication to Quality
There is a significant difference in service between closing agents focused on quantity and those dedicated to quality. When looking for the right agent, prioritize working with a firm with a reputation for focused attention to every sale. Attention to detail is the difference between a generic and inaccurate deed that generates disputes in the future and a clear, thorough, and precise deed that transfers you a title with no issues.
Discover the Benefits of Experienced Closing Attorneys
Whether you are a homebuyer or real estate professional, working with agents who provide top-quality service is in your best interest. At Isriel Ponzoli, you can consult our real estate attorneys for title transfers and other closing services. We have decades of experience assisting clients with a broad range of real estate matters and provide comprehensive closing and insurance services to our partner Old Republic National Title. Learn more about how we can assist you by scheduling your consultation with one of our skilled associates today.