Due Diligence and 'Title Defects'… (Palm Beach County, FL)
QUESTION: What information does/can a paid title search reveal that can't/won't be found relatively simply by searching public information on county websites?
BACKGROUND: So I'm considering purchasing property in a very specific geographical area (a few square blocks). I recently saw an MLS listing in my area of interest for a vacant lot/land described as having a "highly motivated seller" and "title defects" explaining the "low price." Obviously there is more going on here than meets the eye...
I searched on the county (Palm Beach) websites for information related to the property (GIS, Property Appraiser, Property Tax, County Recorder). I found court records indicating BoA vs. current property holder on title & WashingtonMutual so I assume that is the title defect?
Would a paid title search (potentially) result in more details of the situation or would they just (potentially) find the same public records that I have for free? Just curious… it seems to me that the 'owner' is trying to pawn this property off onto a land speculator?
I'm new to the due diligence process so am sure that I am missing something. Thoughts?
@Wayne Brooks Wayne, you're familiar with PBC and a wealth of knowledge here in the forums. What's your take on my research process and the above situation?
-Jeff