If you’re new to buying real estate, here’s a first-time buyer’s guide to title companies and their essential roles in Florida.
What is a title company in real estate?
A title company is responsible for making sure the title to a property can be transferred from the seller to the buyer without issue, according to realtor.com.
What are a title company’s duties and responsibilities?
Mainly conducting a search of public records to ensure the property’s title is free and clear of judgments, for instance “an ex-spouse whose name is still on the deed, or financial claims like a lien or unpaid taxes,” according to realtor.com Also ordering a property survey and then issuing a report. Title companies are also responsible for escrow, putting aside funds and making sure all aspects are met before closing, like paying off existing liens, taxes, or mortgages.
In south Florida, Lang Realty collaborates with New Dawn Title Group, a title company with 25 years of experience in the industry. New Dawn Title Group also manages a significant title affiliate, and partners with the largest underwriter in the country. Title & Escrow Services
What does a title company do at closing?
The title agent makes sure that all the paperwork has been signed and all the funds have been properly disbursed, according to realestate.com. The title agent facilitates the entire settlement.
Who chooses the title company in Florida?
That varies from county to county. In Palm Beach County, it’s the seller unless the agreement specifies otherwise. The buyer is expected to approve it.
To operate effectively, title companies must adhere to state regulations and industry standards. Here’s what the Florida Department of Financial Services does to ensure title companies protect real estate buyers, from charging the correct premium for title insurance, to putting the funds for this transaction in a separate account as required by law: Title Insurance Agents
