Businesses operating in Florida, especially ones purchasing and selling real estate, need to be aware of what a quiet title is as well as how to obtain one. This is necessary to safeguard their interests and protect their assets.
In a nutshell, a quiet title is a legal tool that allows a single claimant to assert that they own a certain piece of property, quieting all other competing claims for said property. Accordingly, the court will recognize the holder of the quiet title as the sole owner of the property, which holds up even in the event of missing heirs showing up later.
Quiet titles are useful in cases when the ownership of a property is in dispute or might become so in the future. For instance, if a property is passed along with a quitclaim deed, which is a formal declaration the seller makes where they assert that they relinquish any claims to the property, the previous owners preceding the current seller can express interest in the property. Therefore, a quiet title shuts that door.
Obtaining a quiet title is a straightforward process. To begin with, a decree is requested by the claimant from the local court of jurisdiction. Subsequently, the claimant must show the court evidence that would legitimize their claim to the property, such as occupying the property currently and doing so in good faith without any knowledge of any potential other claimants. If all goes well and the claim meets the court’s standards, the claimant is granted the quiet title, and their interests are protected.
Bearing all that in mind, businesses purchasing property may do well to consult with a professional lawyer who might be able to make sure that all the necessary steps are taken in order to protect their interests. This will not only include acquiring a quiet title but also ensuring that there are no other previous claimants who could cause problems later down the road.