The search for titles is an integral component of the closure of a vacant land transaction. Real estate investors need to be assured that there is a clear property regardless of who is selling it. This involves getting the deed and paying the money to the property’s actual owner as opposed to someone who thinks it is owned by them.
A title can almost be thought of as if you’d buy a car. The “For Sale” sign on the vehicle parked outside a home happened to catch your attention, so you decide to contact the homeowner for more information. It turns out that they don’t actually own the car, but they’re still willing to sell it to you. This sounds ridiculous, but it happens more often than you might expect.
A title search is also imperative to ensure that the property doesn’t have any liens or mortgages attached. In situations where a property is offered little cash, a seller may decide not to inform the buyer that there is also a $100,000 mortgage or something like an expensive construction lien. If these are not found before the transaction is completed, they will be your responsibility.
This update is by hard money lending Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on Florida hard money lending or hard money lenders Palm Beach, please call 954-816-0388 or fill out our application.