What is title insurance and why do you need it?
Simply put, you want to make sure your home is legally yours. The purchase of any home brings several hurdles that need to be overcome in the process. Securing title insurance is one of the most important steps along the way. Title insurance proves that you are the holder of a marketable title for the home you own. It is evidence of your problem-free ownership rights to a particular property. Title insurance will protect both you and the lender against any title problems allowing you to secure financing and protecting you from financial loss should hidden defects surface later.
Protect your home for as long as you own it.
There can be hidden defects which may not surface even in the course of a thorough title examination. Any one of these could put your ownership of the property in question even after you've closed, which is why title insurance is so critical. We can help you rectify any problems down the road that occur as a result of these hidden defects.
What is a title search?
This is an inspection of the history of the property. The records include documents such as deeds and court records. The search is conducted to see if any defects or claims can be seen on the property.
What kinds of problems can a title search reveal?
It can reveal information pertaining to tax issues, judgments against seller, and restrictions placed on the land.
Does a title search cover everything?
No. There could be a filing from the previous owner not distinguishing their marital status. Other hidden issues could be fraud, mental issues, and clerical errors in the records. Our title insurance policy will protect you against these issues.
What if a claim is made?
If a claim is made, title insurance will (in relation to your policy), protects you of the legal rights to your property. In this instance, court costs and related fees will be covered. In addition, if the claim is accurate a reimbursement will be issued.
How much does title insurance cost?
Cost of insurance will depend on the price you purchased your property for. Title insurance premium is paid one time only at settlement.
Who pays for title insurance?
In Florida, it varies and will be negotiated via the contract.
What is a closing and where is it completed?
This is the settlement and also known as the transferring of the title to property from the seller to the buyer. Closing is typically held in our office at 815 Coral Ridge Drive Coral Springs, Florida. All paper work and financial issues are completed as well. Once documents are signed and complete, the transfer of the title will ensue.
Do I need to consult with an attorney?
This is not always necessary, however Larry is available for consultation.