Resolving a Title Policy Defect
Your purchase of a commercial or residential property may be a new event for you, but most properties have a long and detailed history. A Fort Lauderdale title examination and insurance attorney can perform a thorough title search on any property that you are interested in buying and uncover defects.
If a defective title is found, it can be disheartening, especially after you’ve gone through the trouble of negotiating a deal and finding a property that you like. However, it doesn’t mean that the deal is finished, and with the help of an attorney you can resolve many types of title policy defects.
What does a defective title mean?
A defective title means that whoever is selling you the property has failed to comply with an order related to the property or somehow is not the sole owner. Multiple ownership is of the most common types of title defects, or multiple liens on the property. Other problems can include existing encumbrances, improperly recorded documentation related to the property such as ownership forms or the title itself, bad recordkeeping, or incorrectly worded titles.
Your attorney can help you resolve your title
In regards to a title defect, each situation is different, and it’s always a good idea to get the help of a Fort Lauderdale title examination attorney for assistance with resolving one. Your attorney can perform a detailed title search through all of the officially recorded real estate transactions.
The original title information can usually be found by doing this, and this information will show who the clear owners of the property are as well as any liens on the property. Additional research outside of the official transaction is sometimes necessary, which your attorney can assist with as well.
A lien on the property does not mean that the deal is off
As previously mentioned, just because a property has a lien on it doesn’t meant that the deal is automatically over. Many types of liens can be resolved. For example, your attorney may be able to negotiate a settlement of the lien if all the parties agree upon an amount.
The ability to do this will depend on the amount of money available to clear the title, the length of time left on the lien and other factors. Other types of title defects involving documentation errors or missed paperwork can be fixed with the assistance of your attorney.
To learn more about how to resolve a title policy defect, schedule a consultation with Mark Schecter at Schecter Law today by calling (954) 779-7009.