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Florida Title Commitment – What You Need to KnowTitle Commitment

Florida Title Commitment – What You Need to Know

07 Oct 2019

A title commitment is a crucial part of the home buying process in Florida – but what exactly is it? If you are looking for an answer to this question, you have come to the right place.

 

At Marina Title, we are aware that the jargon associated with real estate transactions can often be unclear. This possible confusion is why we find it crucial to educate our clients on the terminology we use to ensure that, at any given time in the home buying process, they always understand what is happening. Read on to learn what a title commitment is and how Marina Title can help you buy the home of your dreams.

 

What is a Title Commitment?

 

A title commitment is a report. Through such report a title insurance company discloses to all parties involved in the real estate transaction the defects, liens, and obligations that affect the subject property. The title company you hire to manage your real estate transaction will prepare this report before issuing a title insurance policy to clear the property’s title. The purpose of a title commitment is to provide you, the buyer, with the opportunity to review the report before purchasing the property and the title insurance policy.

 

What Do Title Commitments Tell Buyers?

 

Usually, a title commitment will include many of the same terms that will be in your title insurance policy. The purpose of reviewing the title commitment is to have a clear idea of your title insurance coverage and ownership rights before moving any further into the process. A good title commitment will include the degree, nature, quantity, and extent of the seller’s interest in the real property in a statement of vesting. The most common form of vested interest is “fee” or “fee simple,” which is the highest interest the owner of a property can have. A reliable title company, like Marina Title, can clear any unwanted items before closing on the property.

 

What Could Go Wrong If a Buyer Does not Review the Title Commitment?

 

At Marina Title, our clients often wonder, “if I have the title commitment in hand, does that mean I do not need to worry about my title because title insurance will cover any problems?” Although the phrasing of this question varies from client to client, our answer is always the same – “well, not exactly.”

 

When purchasing a title insurance policy, you need to keep in mind that it may not cover all of the title issues that could potentially arise after you buy the property. Such possibility is why you must know precisely what protections your title insurance policy will offer. The range of coverage depends on the title company and the property. At Marina Title we pride ourselves in providing our clients the broadest range of coverage. Nonetheless, it is crucial you review the title commitment to make sure you know exactly what your policy will cover and what it will exclude so that there are no misunderstandings in the future. Misunderstandings and disputes regarding coverage happen more often than you would think.

 

Are you looking to purchase a property in Florida? Marina Title can help you manage the real estate transaction and make sure the title to your new property is clear before moving on to the closing phase.

 

Contact the real estate professionals at Marina Title today and let us show you why we do not hesitate to say that our real estate services are the best in Florida. Call us today at (305) 901-5628 or email us at romy@marinatitle.com.

 

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