Learning the ABCs of Real Estate with Turner Title

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Cheryl Ju
March 6, 2024

Embarking on a real estate journey in Florida involves navigating a sea of terms and acronyms that can leave even the most seasoned investors scratching their heads. Turner Title is here to demystify the complexities and guide you through the essential alphabet of real estate title terms specific to the Sunshine State.

Abstract of Title: An Abstract of Title is a concise document summarizing the ownership history of a property, detailing transfers, mortgages, and legal actions. It serves as a vital tool in identifying potential issues before finalizing a property transaction.

Boundary: Boundaries show the extent of a property, crucial for determining ownership. These can be marked by physical features like fences or landmarks, and a clear understanding of boundaries is fundamental to avoiding disputes. Turner Tip: If the boundary lines of your property aren’t clear, especially without obvious markers like a fence, using a survey can be helpful.

Closing: The closing marks the final steps in a real estate transaction, where buyers and sellers complete paperwork, and property ownership officially transfers. Turner Title ensures a smooth closing process, verifying legal requirements are met. Turner Tip: We use a system called Qualia to help ensure a seamless closing process for all involved!

Deed: A Deed is a legal document that transfers property ownership from one party to another. Turner Title verifies the legitimacy of the deed and ensures proper recording with relevant authorities.

Escrow: During closing, funds are often placed in Escrow, held by a neutral third party until all sale conditions are met.

Forgeries: Forgeries in real estate title involves the unauthorized creation or alteration of documents, such as signatures or ownership records, with the intent to deceive.

Grantor: The Grantor is the individual or entity selling or transferring the property. Turner Title ensures the accurate documentation of the transfer for both parties.

Homestead Exemption: Homestead Exemption provides property tax relief to Florida homeowners who make their property their primary residence.

Insurance: Title Insurance protects buyers and lenders from potential title defects. Turner Title helps secure title insurance to ensure a secure real estate transaction.

Joint Tenancy: Joint Tenancy is a form of property ownership where two or more individuals hold equal shares. If one owner passes away, their share automatically transfers to the surviving owner(s).

Kick-Out Clause: A Kick-Out Clause is a provision in a contract that allows a seller to continue marketing their property even after accepting an offer. If the seller receives a better offer, they can “kick out” the existing offer, providing a specified notice to the first buyer. This clause is often used in competitive real estate markets.

Lien: A lien is a legal claim against a property, requiring settlement upon its sale.

Missing Heirs: In the realm of real estate titles, “Missing Heirs” refers to a common title issue where rightful heirs or beneficiaries are unaccounted for or not properly identified during the inheritance process. This situation can lead to complications in property ownership and potential legal challenges.

Notary: A Notary is a public official authorized to witness and authenticate legal documents. Turner Tip: We use a mobile notary, so you can close anywhere in Florida!

Owner’s Policy: An Owner’s Policy is a type of title insurance policy protecting the property owner against title defects.

Plat: A Plat is a map or plan of a subdivision or community, indicating the location and boundaries of individual properties.

Quiet Title: Quiet Title is a legal action taken to establish clear ownership of a property and eliminate potential title issues.

Restrictive Covenant: A Restrictive Covenant is a legal obligation in a property deed that limits certain uses or activities on the land.

Survey: A Survey is a detailed map or drawing of a property, outlining its boundaries and physical features.

Title Search: A Title Search is an examination of public records to verify a property’s legal ownership and identify potential issues. Turner Title conducts thorough title searches to ensure a clear title.

Underwriter: An Underwriter assesses and evaluates the risk associated with issuing a title insurance policy.

Title Vesting: Title vesting is who owns a certain property and therefore who is required to pay any property taxes as well as how the property can be sold.

Warranty Deed: A Warranty Deed is a legal document that guarantees the property is free from defects and encumbrances.

Exception: An Exception in title insurance refers to any limitation or exclusion in coverage.

Yield: Yield refers to the annual return on an investment.

Zoccam: Zoccam is user-friendly platform for securely sending earnest money electronically. This is one of the many technologies that we utilize here at Turner Title.

Navigating the ABCs of real estate title terms with Turner Title equips you with the knowledge needed to make informed decisions on your real estate journey. As your trusted partner, we are committed to ensuring a seamless and secure experience throughout the entire process.

Elevate your real estate transactions with Turner Title, a proud partner of the Dalton Wade Real Estate Group. We’re not just a title company; we are here to make your transaction as smooth as possible, with our easy and hassle-free approach. Explore our advanced tools like the Turner Title Prospector for impactful farming, Qualia, the cloud-based title, escrow, and closing software, and our Sellers Net Sheet Calculator for precise estimates. Choose Turner Title to experience a redefined standard of efficiency and transparency in every transaction. Contact us today to discover how we can assist in your real estate journey.

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