What are the Benefits of Title Insurance in Florida?

When buying a house in Florida, many people recommend purchasing a title insurance policy to protect against unforeseen issues regarding the property’s ownership in the future. 

In this article, you will discover the benefits of title insurance in Florida. 

Back to Basics – Explaining Title and Ownership Rights  

During the closing of a real estate transaction, the seller transfers the property’s title to its new owner. Once the purchase-and-sale agreement is signed, the new owner has the right to own, occupy and use the property’s space. 

However, in many cases, someone can contest a title based on claims and rights unknown to the new owner. These claims can cause a significant loss of money and time in the process of defending against such claims. 

Consequently, before signing the contract at the closing, buyers need to proceed with a title search to verify whether the title of the property is clean or not. 

A title search is an in-depth examination of the property’s history. Throughout the process, a title expert will examine a wide array of documents and records. This examination can verify if the seller has the right to transfer ownership and discover any claims, defects, and other burdens attached to the property. 

The examination involves an in-depth assessment of the title, such as going through deeds, court records, and name and property indexes. In addition, there are other records to find any unknown issues with the title of a property, such as:

• Unpaid taxes 
• Overdue mortgages
• Judgments
• Liens
• Limitations on land usage

Why Is It Fundamental to Get Title Insurance When Buying a Property in Florida? 

There are hidden issues that even the most detailed examination may never reveal, even when title searches are mandatory procedures in terms of title security.

Typically, there can be many hidden issues such as recording errors, paperwork errors, and missing heirs. Other issues can be third-party claims to the property, fraud/forgery, defective deeds, clerical mistakes. These and other similar problems are the reasons why you should consider getting title insurance. 

Generally, these defects will not show up until after the paperwork is signed and executed. Then, the purchase and sale agreement is recorded, thus completing the transaction.

Then, when no one expects, one of these issues surges out of nothing to cause stress, financial loss, or even legal issues involving property ownership.

Benefits of Title Insurance for Homebuyers in Florida 

Accordingly, purchasing title insurance offers plenty of benefits for all parties involved in a real estate transaction. Both the seller and the new owner of the property will be secured against any unforeseen issues. In essence, a title insurance policy will ensure:

• A seamless closing process with no delays or issues slowing the final proceedings
• No stress throughout the process of transferring the title to the new owner 
• No hidden issues to be worried about after the coverage policy is enabled
• New owners are protected, and their estate is secure for years to come 

Getting Title Insurance in Florida – Who is Responsible for Paying It? 

Indeed, it is possible to get affordable title insurance at a reasonable cost. In Florida, the party responsible for paying the title insurance costs vary according to each county. Thus, negotiation of such fees and terms can occur before the closing. 

Traditionally, buyers in Miami-Dade and Broward counties are responsible for choosing the title company and paying the costs associated with title insurance. It is also common in Sarasota County and Collier County.

In most counties, sellers are responsible for paying the costs associated with title insurance, giving them the right to choose the title insurance company.

Why Working with Marina Title Can Upgrade Your Buying/Selling Experience 

When buying/selling a property in Florida, it is crucial to work with a local and experienced title/escrow company to ensure everything is in place when it is time to sign the contract at closing. 

At Marina Title, we will ensure you have a smooth closing process by: 

• Assessing and finding the ideal title insurance policy for each transaction 
• Keeping the money deposit in escrow 
• Monitoring the escrow account in which the money is deposited in 
• Executing an in-depth title search and providing a detailed title report 
• Working to address any issue discovered during the title search 
• Handling all necessary paperwork
• Recording the documentation after signing and closing proceedings
• Coordinating all events with the timeline to ensure a smooth closing to all involved parties 

Enjoy the Benefits of Title Insurance in Florida Today 

Do not hesitate to contact us. We have a team of legal experts that will assess your situation and help you find the ideal title insurance policy. Call us at (305) 901-5628 or send us an email at [email protected] and get help immediately.