What happens if your name is on the deed but not the mortgage in Florida?
Remember this: regardless of whose name is or is not on the mortgage, if someone does not pay the mortgage, the mortgage holder (the bank, saving & loan, or another lender) can foreclose and take ownership of the realty regardless of whose names are on the deed. That much you may always count on.
What is a fee simple deed in Florida?
The Fee Simple Deed. With a Fee Simple Deed, like with Warranty Deeds and Special Warranty Deeds, the seller conveys fee simple title, but unlike with Warranty Deeds and Special Warranty Deeds, the seller provides no warranties or covenants of title it simply conveys the fee simple title.
Who is the borrower in a mortgage deed?
The Borrower grants the Lender conditional ownership in certain property or assets as a security interest against a loan until the loan is repaid in full. It is separate from the Loan Agreement or Promissory Note which creates the actual loan and sets out the terms and conditions of the loan. The Lender may also be called the Mortgagee or Trustee.
What are the different types of deeds in Florida?
The General Warranty Deed provides five covenants of title: The Covenant of Seisin: The seller in fact owns the property being conveyed, is the sole owner, and is the only party in possession. The Covenant of the Right to Convey: The seller has the right to convey the property.
Can a Florida real estate title be held by more than one person?
If you own Florida real estate with more than one person, it is likely that you don’t know how the title is held or its implication should one of you were to pass away. Let’s be honest, last thing we have in mind when we buy a home is how title ownership will affect our rights.
How to prove ownership of real estate-deeds.com?
Many county websites make the information accessible online, so you can look up mortgages, other liens, and deeds that pertain to your property. The general warranty deed is the standard instrument for home sales. Your notarized warranty deed is proof of ownership, and that the grantor transferred complete and clear title to you.
How do you get a deed for a house?
To get the deed and “take title,” or legally own the property, your lender will perform a title search. This ensures that the seller has the legal right to transfer ownership of the property to you, and that there are no liens against it.
How does a notarized warranty deed prove ownership?
The general warranty deed is the standard instrument for home sales. Your notarized warranty deed is proof of ownership, and that the grantor transferred complete and clear title to you. A quitclaim deed also proves full land ownership— if the person who conveyed the interest to you had full ownership. But where’s the deed?
How to buy a house in the state of Florida?
Here are some quick tips about buying a house in Florida, a process which could differ significantly from that which you’ve experienced in your home state or country. Make sure you are comparing apples to apples when looking at houses.