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Important Things to Know About Title Insurance in Florida

SETCO wants to help our clients learn more about title insurance in Florida so that they do not feel like they are in the dark when closing on a home. In the course of a closing, real estate title is transferred from the buyer to the seller. The next step is a Closing Disclosure Form, which turns into a legal document once signed and should not be signed unless you understand and agree to all terms of it.

According to Florida law, a licensed title agent may conduct a closing in any preferred location as long as a notary is there. A typical closing for buyers includes singing a mortgage pledge if they are taking out a loan, being given warranty and inspection reports for their home, and receiving a commitment for the issue of a title policy.

Having title insurance is crucial when buying a home. The title is the ownership basis of real estate and represents your legal rights in the property’s use, control, possession, and dispossession. Defects in the title to your property can result in a partial or complete loss to your investment, something no buyer should have to go through. Purchasing owner’s title insurance ensures that defects will not affect your homeownership. Title insurance offers protection to you from previous claims or prior rights that another party may have to that property. On the rare occasion that someone challenges your title, your title insurance underwriter will defend your title and pay any costs that occur up until your title insurance policy limit.

Lender and owner policy are the two main types of title insurance in Florida. The lender’s policy title insurance protects the interest of the lender in the title of your home, while an owner’s policy provides coverage for the owner of the property against certain types of claims, which can usually be found listed in the policy. The owner’s policy also protects the new owner of the property from any of the previous owner’s liabilities. In Florida, both the buyer and seller can invest in lender and owner policies.

Selecting a title agent is an important decision, and should be well researched before making any final choices. Speaking with any people you know that have recently purchased a home can be beneficial to understanding their experience with their title agent. The purpose of a title agent are things such as to get and prepare title searches, to respect and review the property title, preparation of the closing documents, administer the closing, and so much more. A good title agent has a lot of experience and will be able to answer any questions you may have in the process of closing. SETCO’s title agents are well trained and know how to help our clients have the best closing possible.

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Buying a home is not usually something anyone takes lightly or does on a whim. A great deal of thought and research goes into every choice, from neighborhood to realtor, yet you may not have spent any time at all worrying about title insurance.