Title Insurance
What is title?
Title is the foundation of ownership to real property and the basis of your right to possess and use that property. Title to real property is most commonly acquired by deed. Title is the right to own your property, and the deed is the actual document.
Why do I need title insurance?
Title insurance is your only defense to claims against rightful ownership or encumbrances. Your insurance policy protects your investment or equity in the property up to the face amount of the property and provides peace of mind. If a dispute ever arises against the title of your property, your policy protects you.
What kind of a policy do I need?
There are two different types of policies – a lender’s policy and an owner’s policy. The lender’s policy protects the lender’s interest in the property for the balance of the mortgage. An owner’s policy protects the buyer’s equity in the real property up to the face amount of the policy. Our simultaneous issue program allows for our company to issue both policies at the same time.
How much does title insurance cost?
Title insurance offers large benefits for small costs. Premiums in Florida are set by the state, but generally cost less than one percent of the purchase price of the property. Unlike other state regulated insurance premiums, title insurance is paid one time only and included in your settlement closing costs.
Who chooses the title company?
Depending on county custom or how the contract reads, either the buyer or seller may have the right to pick their title company and the responsibility to pay for title costs. All real estate purchase/sale contracts are completely negotiable. However, local custom usually dictates who will choose and ultimately pay for title services. In Miami-Dade and Broward County, the buyer has the right to choose what title company will handle the closing of the transaction. In Palm Beach County, the seller pays for title services.
