Before you close, does not the owner have to produce to the buyer's lawyer an UPDATED abstract of the property that proves their ownership and that it is clear from liens? Doesn't The abstract becomes the property of the new owner upon closing? Do you not have a lawyer examine it to make sure that the seller has free and clear title? Does Florida have a "root of title" law that only requires the owner to prove title only back a specific number of years because all ownership claims older than that are barred by the root of title law? When you get the title opinion letter from YOUR lawyer saying the seller has clear title and there are no current liens on the property, what is the need for title insurance, especially since the lawyer should have malpractice insurance to cover such mistakes?
I am not familiar with Florida. Can anyone clarify this with their knowledge and experience?
When I buy in TV I will have a Florida real estate attorney check all the documents including the title to the property, and give me a written opinion.
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