Title Insurance
Title
Insurance is usually required by a lender when financing a
property. Even though not required for an all cash deal, it is a good idea
for a buyer to obtain title insurance to cover his investment. Real Estate
Attorney Ingrid Santamaria is a title agent and can provide title insurance
for your real estate transaction. The following are definitions to help
you understand the types of Title Insurance and their
purposes.
Title Insurance: Is an insurance policy
that guarantees against any defects or encumbrances in the title of real estate
property 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. Having the existing Owner's Policy may help to reduce
your closing expenses.
If you want a quote of how much Title Insurance
will cost, please call Attorney Ingrid Santamaria to obtain one. If you
want to estimate what it will cost you, use the following:
Title Insurance Rates
$0 up to $100,000 - $5.75 per $1000 (min $100)
100,000 up to $1 Million - $5.00 per $1000
Over $1 Million up to $5 Million - $2.50 per $1000
Over $5 Million up to $10 Million - $2.25 per 1000
Over $10 Million - $2.00 per $1000
If you have any questions regarding Title Insurance or need a quote, please do not hesitate to contact our office so that we may answer your questions.