What is Title Insurance?
Especially if you’re a first-time home buyer, title insurance in real estate is state regulated in Florida, establishing who is the clear owner of the property. A title search shows liens or other ownership claims, from a contested divorce for example. “Before issuing a policy, title companies conduct an exhaustive examination of public records, including deeds, mortgages, and court documents…allowing parties to resolve them prior to closing,” according to waytoolegal.com
“Coverage activates if problems surface after the transaction closes, potentially saving owners from costly litigation or loss of equity.” It’s also important for homebuyers to know their mortgage lender will require lender’s title insurance to protect their own real estate investment if title issues surface. Lender’s title insurance lasts until the mortgage is paid off.
What is Title Insurance in Florida and who pays for what?
“In most Florida counties, the seller pays for the owner’s policy, while the buyer pays for the lender’s. However, several populous counties flip that custom, making the buyer responsible for both policies. No Florida statute assigns these costs to either party, so the split depends on local custom and what the buyer and seller negotiate in their contract,” according to legalclarity.com
Do you need Title Insurance?
The answer is yes, but you won’t have to shop around. Lang Realty provides title insurance for home buyers as a service with New Dawn Title Group that has 25 years of experience in the industry and partners with the largest underwriter in the country. Lang Realty Title & Escrow Services for South Florida Home Buyers
