The area in and around West Palm Beach is attracting more and more interest from luxury real estate investors. With growing communities and the demand for exclusive properties, both foreign and domestic investors have been buying real estate in some of the Palm Beaches most affluent neighborhoods. While there are undoubtedly attractive opportunities in this market, ownership of a multi-million-dollar property is only as valuable as the documents and processes involved in the purchase transaction. This is particularly true of the legal work which must be conducted to ensure your property is free and clear of encumbrances. That is why it is imperative that the right firm handle title issues for your high-end property investment.
As an investor, when you purchase a high-end property in Florida, what you are truly buying is the title. By having the title, you control who occupies and uses the space. Ideally, your title will not have complications. However, it is possible that others may lay claim to the same right, which could result in expensive legal problems. With luxury property, there are often complex ownership interests and histories. If past issues have not been resolved, you could end up with barriers to your title.
Title Searches and Defects
A critical aspect of your investment purchase is conducting a title search. This involves a detailed review of the historical records connected to the property, including court documents, deeds, and name indexes. This search may reveal claims to the property, title defects, and other encumbrances. For instance, another party may have a lien, or there could be unpaid taxes, court judgments against the seller, or limits on how the land or structure may be used. Additionally, even a thorough title search may miss a critical defect such as fraud, undisclosed community property interests, clerical errors, or forgery.
Hire an Experienced Palm Beach Real Estate Firm
It is imperative that you hire an experienced real estate attorney to address title issues. Although investors can buy title insurance, this does not necessarily mean there won’t be issues in the chain of title with a future buyer. When there are problems, your counsel will have the knowledge and expertise to examine the issue, identify ways to address it, and explain any risks. Your attorney will also be able to advise you regarding the significance of property records recovered during the title search and how they may impact your ownership and conveyance interests. Additionally, your counsel will be well-versed in Florida property law and can provide you with essential advice regarding the possible consequences of closing on your luxury investment property with remaining title issues.
At Rabideau Klein, Guy Rabideau, Esq. and David E. Klein, Esq. are Florida Board-Certified Real Estate Attorneys who have experience and expertise in handling multi-million-dollar transactions for high-end real estate in the Palm Beach area. We also have the local knowledge you need to ensure that your high-end investment real estate title work is performed with excellence and precision. Contact Rabideau Klein today to discuss your real estate legal needs.