Eliminating Ambiguities: How to Clear Title Exceptions for Miami Property Transfers
July 14, 2023
Title exceptions can be a major obstacle when transferring property in Miami, but they don't have to be. Understanding the definition of "title exception", and the steps that must be taken to eliminate them, is the key to successful property transfers in Miami.
A title exception is a document, claim, or legal restriction that affects a property title and must be addressed before a transfer can be legally completed. Title exceptions can be anything from matters related to survey lines to the need for a specific type of warranty deed. Commonly encountered title exceptions in Miami include:
- Mineral rights
- Water rights
- Outstanding mortgage
The most significant step in eliminating title exceptions is to obtain a title search, which is essentially an investigation into a property's history. A title search will reveal any encumbrances or title exceptions that exist on a property, allowing the buyer and seller to address them proactively. A thorough title search may even reveal title exceptions the seller was unaware of.
Once any title exceptions have been identified, the buyer and seller can begin the process of eliminating them. Depending on the particular title exception, this can involve simply obtaining a release or satisfaction of the lien, or it may require a more complex process such as obtaining a special warranty deed or filing a quitclaim deed.
It is important to note that title exceptions can be a major source of delay in a Miami property transfer. It is therefore important to be proactive in identifying and eliminating title exceptions in order to ensure a timely and successful transfer.
In conclusion, title exceptions can be a major obstacle when transferring property in Miami, but they don't have to be. By understanding the definition of "title exception", obtaining a title search, and proactively addressing any title exceptions, buyers and sellers can eliminate these obstacles to ensure a successful transfer.