A Jacksonville mother and son decided to buy a property from someone who they thought was a friend without obtaining proper Owner’s Title Insurance. The three made a verbal agreement in which the mother and son would pay the friend a down payment and then monthly payments for the remainder of the purchase price.
This agreement was illegal because the Florida Statute of Frauds requires that real estate transactions have to be in writing to be enforceable.
After making payments on the property for a while, the mother and son learned the harsh truth: There were judgments against the property, the taxes on the property were delinquent, their “friend” not the owner of the property, and he was currently incarcerated.
The moral of the story is that there is no substitute or excuse for not performing a proper title search and obtaining Owner’s Title Insurance on any real estate purchase that you make.
It is so important to choose a reliable, experienced real estate attorney to perform this task. Here at Boyer Law Firm, P.L., our experienced closing agents can ensure that a proper title search is performed and that proper Owner’s Title Insurance is obtained.
Source: Florida Times-Union