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What is a title?
The title is the ownership of the property. There are many ways to hold title. Normally, married people hold title together as an “entireties” estate (as husband and wife). More than one single person taking title may hold title as “joint tenants with rights of survivorship” or as “tenants in common”. Since all methods of holding title may have future implications, please contact your real estate professional for more information.
Why do I need title insurance?
Title insurance protects you against unknown problems with your title. It will eliminate your risk of losing your investment against any outstanding claims or problems that could show up after you have purchased the property. Title insurance makes certain that you own the property “free and clear” and the policy is good for as long as you own the property. You should have title insurance even if you are purchasing a newly constructed home. Title insurance insures the land that the new house was built upon. The land, most likely has been sold over and over again for many years. There are two types of title insurance policies. The first is the owner’s policy (described above) and the second is the lender’s policy which protects the lender’s investment (any outstanding balance on the mortgage) in the event that a defect is found. The buyer pays a one-time premium for both policies. Without title insurance your down payment and equity are at risk if a problem is discovered with the title.
How can a claim to my property affect me?
A potential claim against your property could be very costly for you to defend if you don’t have title insurance. Your title insurance policy will protect you against all claims, pay for your losses, including legal fees.
Who chooses my title agent?
In the state of Florida, a general rule of thumb is that whoever pays for the title insurance (buyer or the seller) has the right to choose the title insurance (closing) agent. Feel free to contact Integrity First Title for further guidance.
Can I shop for title insurance?
Yes. You need an agent who best fits your needs. In Florida, the state’s insurance department sets the premium rates. However, the closing services fee can vary between title insurance agencies.
What should I look for in a title agent?
Look for an agent or company who is honest, professional, knowledgeable, experienced, efficient and dependable. Integrity First Title agents are screened and trained to provide you with unsurpassed service.
How much does title insurance cost?
Please click here to use the calculator to determine estimated costs.
When does title insurance begin and end?
Title insurance protects you against events that have occurred prior to the date of the policy, for an indefinite period of time. It’s the only insurance to cover you from past events. For example, auto, life and health insurance protect you from events that may occur in the future.
Do I need a new title insurance policy every time I refinance?
Yes. Your lender will require that you purchase a lender’s title insurance policy whenever you refinance. That’s because a lender’s policy is only good for the life of the loan. Whenever you pay off your mortgage (as you would in a refinancing), the policy is terminated. However your owner’s policy continues for as long as you own the property.
Does lender's title insurance protect me?
No. The lender’s policy does not protect the buyer. It only protects the lender.