Who Pays for Title Insurance in the State of Florida

Determining Who Pays for Title Insurance in the State of Florida – Can the Parties Negotiate?

Dec 19 2022

Who Pays for Title Insurance in the State of Florida?

If you are wondering who pays for title insurance in the State of Florida, the answer might be a bit disappointing: IT DEPENDS. If you are a first-time homebuyer, you might have heard that you have to pay for your title insurance policy as well as your lender’s policy but you may have also heard that it is the seller’s responsibility, which means you are probably confused.

Knowing What is the Customary in Your County

The reason you have been given these two different answers to the same question is that there is no true answer; both answers are, technically, correct. Depending on the county where the home you intend to purchase is located, it may be customary for either the seller or the buyer to pay for title insurance. This, of course, does not mean that there is a law that says either the seller or the buyer must pay for title insurance in that particular county. You can always negotiate. At the beginning of the home-buying process – the negotiation stage – you can ask the seller whether they are willing to pay for your owner’s title insurance policy. Some sellers will pay for title insurance without being asked because that is what is customary in their county. In Florida, the seller customarily pays for title insurance in many counties, including Palm Beach, Hillsborough County, Osceola County, and Orange County. However, in some counties, including Collier County, Sarasota County, Broward County, and Miami-Dade County, the buyer typically pays. Again, this is not a set rule – buyers can always try to negotiate.

Having To Pay for Title Insurance is Not Something to Worry About

The price of title insurance in Florida is a common concern among first-time homebuyers. In the State of Florida, the price of your title insurance policy will be based on the purchase price of the home you intend to buy. For properties with prices up to $100,000, title insurance policies cost $5.75 for every thousand dollars. For properties with prices over $100,000, title insurance policies cost $5.00 for every thousand dollars.

Many first-time homebuyers get nervous when their purchase contract requires for them to pay for title insurance because they think it is like other types of insurance; however, it is not. Title insurance is a one-time cost that is paid at closing, and it protects against possible past title matters that could negatively impact your right to the ownership of your property. Unlike other types of insurance in Florida, you do not have to pay for title insurance annually – you only need to pay for it once, and it will protect you for as long as you own the home. Besides, title insurance is relatively affordable; there is no need to worry too much if you have to pay for it.

We Can Help You Determine Your Title Insurance Needs

If you are still worried about having to pay for title insurance because your budget is tight, Marina Title can help you determine your title insurance needs. Our title professionals and real estate closing attorneys will strive to ensure your closing is smooth, enjoyable, and memorable. When you work with us, you can call us anytime with questions. Our full-service title company is one of the best in Florida. We can help you close quickly and without complications.

Call Marina Title today at (305) 901-5628 or get in touch with us via email: Info@MarinaTitle.com. We will help you buy the home of your dreams and make sure you own it legally for as long as you want to. In other words, we will make sure your right to the title and ownership of your property is protected.

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