FAQs
Buying a home is an exciting milestone and a significant investment, and title insurance plays a crucial role in safeguarding your investment to ensure it is protected. It provides essential coverage against unforeseen risks that might not be apparent in public records.
By choosing to have owner’s title insurance, you secure protection for your property’s title. Here are the top 5 reasons why you should consider obtaining owner’s title insurance for residential/private properties:
- Forgery
- Fraud in connection with the execution of documents
- Judgments and liens not shown on record
- False identification by those purporting to be owners of the property
- Incorrect representation of the marital status of grantors
Lenders have policies that primarily protect their own needs. It’s wise to have title insurance to ensure the security of your investment in the property.
Buying a new home is a joyous occasion worth celebrating, but you must be aware of potential risks that could jeopardize your property ownership. A title defect could put your investment at risk.
A title defect can happen for many reasons, such as unpaid mortgages, liens, judgments, or any other claims against the property. Title defects also arise due to use restrictions and other agreements that may not be obvious at first glance. Previous issues like fraud, forgery, unclear marital status, and expired powers of attorney can make things more complicated.
With the right direction, you can confidently invest in your dream home without worrying about title defects.
Title insurance can be really helpful when you’re buying a property. It’s a policy that can protect you from financial loss if someone challenges your ownership of the property. If any legal issues arise, the insurance company will cover the expenses. With an owner’s policy, you’re covered for any losses that may occur due to claims against your title, even if they arise from errors in public records. It’s a great way to protect your investment and your rights as a property owner.
If someone brings a claim against you, it can have serious consequences. You’ll be responsible for all costs related to your defense, and in the event of an unfavorable outcome, you might face financial losses or risk losing assets.
Yes! Losses from title deficiencies can be as significant as, or greater than, fire or other damages. It’s important to note that, unlike fire or property damage insurance with annual premiums, owner’s title insurance is a one-time fee, providing long-term coverage without recurring costs.
No. Title insurance for the owner is one of the most affordable insurance types. So, the cost is promulgated by the State of Florida and is based on the sale price, but it’s usually pretty reasonable. And when you think about how much money you’re putting into your home, title insurance costs are surprisingly low.
Absolutely, you have the freedom to choose your own Title Agent! While your real estate agent, mortgage lender, or attorney might suggest a title agency, remember that the choice is always yours. Feel comfortable and confident in your decision to select a title agent or attorney who aligns with your needs and preferences. We encourage you to pick what feels right for you.
The Title Agent’s role in purchasing your home is to:
- Prepare and obtain title searches
- Examine the property title
- Prepare closing documents
- Conduct closings
- Disburse funds
- Prepare and issue title insurance
Need More Assistance?
Our team is eager to work alongside you, providing guidance and support. We warmly invite you to reach out to us with any questions or requirements you might have. It’s our sincere pleasure to assist you, and we’re looking forward to the opportunity to collaborate and make this process as rewarding and seamless for you as possible!
