Title Insurance
Title Insurance: Is an insurance policy that guarantees against any defects or encumbrances in title to real estate to which the title insurance company has not taken an exception.
Owner's Policy: Protects the property owner, up to the policy amount, for any loss sustained by reason of defective title. The policy is not transferable to the future owners if the owner sells the property.
Lender's Policy: Protects the lender up to the amount owed on the mortgage loan for any loss sustained by reason of defective title. The mortgagee's policy is transferable to the new owner of the mortgage if the mortgagee sells the mortgage to another party.
Title Search/Exam: It is a search of the public records performed by the title agent that shows who is the legal owner of the property. It also shows any outstanding mortgages, liens, or unpaid taxes against the property and/or owners.
Title Insurance Fees: The State of Florida regulates the minimum that can be charged. Have the original existing Owner's Policy may help to reduce your closing expenses.
If you have any questions regarding Title Insurance, please do not hesitate to contact our office so that we may clarify any of your concerns.