Investing In Florida Real Estate as a Non-Resident: Reasons to Work With An In-State Attorney
Seeking to purchase Florida real estate as a non-resident can be a stressful process. This is especially true if you do not know the geographic area in question well. Buying real estate is a big investment, which makes finding the perfect property essential. Whether you are a business looking to purchase commercial real estate or a family looking to relocate, it is in your best interest to consult an experienced real estate attorney based in Florida. Working with an in-state real estate attorney will ensure a smooth and fair transaction as they help you navigate the various facets of real estate investment.
Conducting title searches through real estate attorneys
Every state has its own set of real estate laws. When someone is looking to buy property in Florida from outside the state, it is unlikely they will be well-versed in Florida’s specific legal framework. This lack of knowledge is understandable, but it can also lead to serious problems and surprises after a deal is closed. Real estate attorneys in Florida will serve as the legal experts in your real estate transaction and ensure that steps are taken to protect your interests.
One of the most effective ways a real estate attorney will ensure you avoid these unwanted surprises and legal issues is through a title search. The purpose of the title search is to reveal the background history of the property such as mortgages, deeds and easements. The title search can also reveal potential problems or “clouds” that may accompany the property. Once clouds are discovered, a lawyer with experience in commercial title insurance would be able to work with you to clear the title of clouds so that the transaction can proceed.
The information revealed through the title search may either lead to your feeling comfortable with the transaction or to you walking away and finding a Florida property that better aligns with your expectations and standards.
Title searches can be conducted for both commercial real estate and residential real estate transactions. Title searches are especially important in commercial real estate because these deals can be more intricate than residential transactions. If you are interested in purchasing property for your business in Florida but are located out of state, title searches then become even more imperative. An experienced real estate attorney in Florida will assist in conducting the title search to make you aware of any liens, encroachment issues, restrictions and other property details that may pose serious problems for your investment.
Similar to commercial title searches, title searches in residential real estate transactions are important for revealing liens or judgments prior to closing. If the title history of the property is not fully understood, the buyer can face expensive issues down the road. For instance, imagine the challenges associated with learning after closure that someone besides the seller claims to own the property. It may be the case that the seller never had true ownership or the right to legally sell the property in the first place. Title searches for residential properties fully vet the property and chain of ownership so that future homeowners have peace of mind.
“Title searches can be conducted for both commercial real estate and residential real estate transactions.”
Securing title insurance after the title search
In addition to conducting title searches, it is also wise for both commercial and residential property owners to secure title insurance. Title insurance will protect the buyer from any title problems that may come to light after the sale. When a property is covered by title insurance, then the insurance company agrees to compensate the property’s new owner in the case of loss related to matters not discovered in the title search. These may include unrecorded liens that were missed during the title search. In conjunction with title searches, title insurance will reduce exposure to threats affecting the ownership and the true value of your commercial or residential Florida property.
Call South Florida Law
Are you an out-of-state business or individual looking to purchase real estate property in Florida? Make sure you know the history of the property in question to ensure a smooth and fair transaction. Take proactive measures and conduct a commercial title search through South Florida Law. Reach out to South Florida Law at (945) 900-8885 or via our contact form.