Investor · Lehigh Acres, FL · Member since 2015 · 39 posts · 8 votes
Hello BP Fam,
Got a call from a post card and locked in a deal on a 1/2 acre parcel here in Florida. My question is I know there's only been one owner and no liens or any other issues. I want to buy this without title fees. The owner has the deed, what's the easiest way to transfer over the deed while assuring everything goes smoothly? I'd like to just send this gentlemen a check in the mail.
Investor · Houston, TX · Member since 2015 · 99 posts · 56 votes
10y
Troy Norwood Not sure how much you have the property under contract for and what your risk tolerance is, but personally I would not take the risk of buying the property without having a full title search to verify for a clear title and have title insurance in place, even though the seller stated that he's the only owner and you have verified it. A professional needs to check your work and insured it.
Unless you are a professional who regularly deal with title searches and everything related to closing paperwork and filing it with the county, I would let the professional handle it. You can easily go to a real estate attorney that will take care of the paperwork and title search for less than the cost of a traditional title company. This is advice from a non professional, who meticulous comb through county records for liens and title ownership as well as MLS data before making an offer. I just think a title company have better access to information then a non professional do. They better since they insures a clear title.
Investor · Houston, TX · Member since 2015 · 99 posts · 56 votes
10y
Troy Norwood Not sure how much you have the property under contract for and what your risk tolerance is, but personally I would not take the risk of buying the property without having a full title search to verify for a clear title and have title insurance in place, even though the seller stated that he's the only owner and you have verified it. A professional needs to check your work and insured it.
Unless you are a professional who regularly deal with title searches and everything related to closing paperwork and filing it with the county, I would let the professional handle it. You can easily go to a real estate attorney that will take care of the paperwork and title search for less than the cost of a traditional title company. This is advice from a non professional, who meticulous comb through county records for liens and title ownership as well as MLS data before making an offer. I just think a title company have better access to information then a non professional do. They better since they insures a clear title.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
For a couple hundred bucks you can have a title search/committment done. You can risk it without this of course, but if you really think there has only been one owner since the beginning of time, no telling what else you may be missing. And of course, there are always the "misspelled owner name" filings which would also include the legal description, but most individuals don't know how to properly search for these.
Investor · Lehigh Acres, FL · Member since 2015 · 39 posts · 8 votes
10y
Wayne Brooks John Vo thank you both. I think I'll pay for a title search. I figured since there's been one owner and all the county records were online that it wasn't necessary. Do you both think I need title search and insurance if I get a warranty deed drawn up?
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
The warranty deed is good, doesn't really mean much though, but do you really want to count on the seller fixing some problem you discover years from now?
Investor · Houston, TX · Member since 2015 · 99 posts · 56 votes
10y
Wayne Brooks Troy Norwood Wayne made a great point. Once you paid the seller for the property, all future and past problems will be yours to handle clear title or not. This comes down to how much risk you are willing to take when it comes to title issues.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
10y
Troy, you're not buying personal property like a car! Get title insurance after a title examination.
Being one owner (which it hasn't been) is irrelevant, your seller may have taken bankruptcy, got divorced, have an income tax lien, or court matter that isn't filed in the real estate records, you can't examine for a clear title.
Another "real property vs. personal property" matter. Good luck :)