What You Need to Know About Ownership & Encumbrance Reports

Before you purchase a home, you must do your due diligence and understand all the potential risks involved. Part of that process is ordering an Ownership and Encumbrance (O&E) report, which will provide you with important information about the property. Here we'll explain what an O&E report is and why you need one.

An O&E report details the property owner and any outstanding claims or liens against it. The O&E report information is vital for two reasons: first, you need to know who you'll be dealing with when purchasing the property; second, you need to be aware of any potential financial risks associated with the purchase. For example, if there are outstanding tax liens against the property, you could be responsible for paying them off if you go ahead with the purchase. On the other hand, if there are no claims or liens against the property, you can proceed with the purchase without any financial risks. 

An O&E report is a crucial tool for anyone considering purchasing a property. It will help you understand who you'll be dealing with and whether any financial risks are associated with the purchase. Ordering an O&E report is simple; just contact your local county recorder's office and request a copy of the property's deed. Once you have the deed in hand, you can search for any claims or liens against the property by looking up the owner's name in public records. By doing your due diligence upfront, you can avoid any potential problems.

Licensed Florida attorneys founded Fleet Title to bring high-quality, fast, and efficient title services to Florida's residential and commercial real estate markets. Our attorneys have closed real estate transactions for over 25 years. At Fleet Title, you will benefit from our experienced attorneys at the cost of a title agent. To learn more about the services offered in Vero Beach, FL, visit www.fleettitle.com, call (772) 224-3338, or email us at info@fleettitle.com.