Certifcate Of Title - Why? Instead Of Warranty Deed
Hi all,
Im a real estate agent in New Port Richey, Fl. I keep my agency and my investing 100% seperate.
The other day when I had my investing face on, I was browsing tax records. I noticed a company that I have seen advertised before. They "Buy Homes" what a concept..lol. Anyway the company is called "Property Resolutions" and I noticed on all the propertys they purchase and resell, when they (The Investor) purchase it from the seller (Original Home Owner) the purchase is recorded "Certificate of Title". In 99% of all other closings I have seen or browsed in the tax records it says "Warrant Deed". They by the home and record a Certifcate of Title everytime, not just a 1 time coincidence. Why would this be? What would cause it to be recorded as Certificate of Title and not Warranty Deed.
I was thinking maybe they are buying it subject too or...Actually I have no clue! Anyone have any thoughts?
-Shane
Hi Shane,
It seems your state is one of about ten states that have the Torrens system of title registration. This sytem is not compulsory, but voluntary. One very significant thing about certificate of title is that the owner who has it can never have their property taken through an adverse possesion claim.
The Torrens System is a good topic for further research, too, very interesting reading. Hope this helps.
peavyfan