Key West Real Estate Property Title

Title to Key West real estate consists of ownership of and the right to use the property. A title search will help the buyer find out what rights the seller has, including the authority to sell.

Unlike personal property, title to which may pass when the Key West Real Estate changes hands, the rights to the various components of real estate may be owned, leased, or affected by claims or liens of different people. Among the many possible existing claims against real estate are: mineral rights; unpaid mortgages; liens of workers such as plumbers and liens of persons supplying construction material, both of which are known as mechanic's liens; outstanding court judgments; liens for unpaid taxes; and power-line easements, road rights-of-way and drainage easements.

Second, there may be questions about whether the Key West Property seller can convey good title. A title search reveals this by discovering whether there are any breaks in the chain of title all the way back to the original owner. Gaps in the property's chain of title might make it impossible for the person who appears to be the seller to transfer good title to a prospective key West Home Buyer.

An local Key West attorney, an abstract company, or a title company can conduct a title search of the public records of all deeds, mortgages, and other instruments that affect the seller's title to the real estate in question. The results of this search are usually compiled in an "abstract of title" or title insurance commitment to help the buyer determine who has actual title to the property, whether there are any restrictive covenants that could limit the use of the property, and whether any individuals or institutions have some interest or claim on it.

Government regulations, such as zoning or occupancy laws, also affect your use of the real estate. As a Key West Home Buyer, you will want to know how these restrictions might affect your use of the property.

There also may be subdivision covenants or common-ownership association bylaws that restrict the use you can make of your property. They could, for example, restrict you from using your property to store liquor, prevent you from renting your home, or place architectural controls on your property. Covenants written long ago many contain restrictions that are unenforceable today, such as prohibitions against selling your Key West home to member of certain racial or ethnic groups. These can be ignored but covenants that are enforceable should be understood. Ask for a copy of these restrictions before you make an offer to purchase a real estate in Key West. Your attorney can help you decide if a covenant is legal and binding.

Any defects in the title should be corrected before the closing. Typically, the Key West Property Seller is responsible for remedying title defects. For these reasons, even in areas of the country where the buyer receives a title insurance policy, buyers and sellers may want the advice of a lawyer. Buyers and sellers should check to see what types of title insurance policies are available, their costs, reliability, and so forth.