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How Title Insurance Can Protect Your Biggest Asset

Dec 10 2014

Title insurance is not always one of the first thoughts that may enter your mind when purchasing property. Essential concerns like who is a reliable real estate agent, what can I afford in my ideal neighborhood, and what is the right mortgage loan for my income level are more likely to come to mind first. Marina Title is aware of the complexities associated with buying a home. We have created this fact sheet of frequently asked questions for your convenience to ease your concerns so that you can focus on what matters most, your new home purchase.
What is a Title?
A title is a legal document showing evidence of ownership and a legal right to possess, use and dispose of the property within the confines of local, state, and national laws and regulations.
What is Title Insurance?
Title insurance is a form of indemnity insurance which insures owners or lenders against financial loss from defects in title to real property, as well as seller fraud, title search errors, liens or other matters.
What is a Title Search?
A title company or attorney conducts a title search. During the process, a lawyer reviews property records for any mistakes during the examination process such as clerical errors, undisclosed heirs, deeds omissions, or undiscovered fraud or liens.
What is Lender’s Insurance?
Lender’s insurance is a type of title insurance that lenders require buyers to purchase. The policy protects and insures the financial institution that the property has a valid and enforceable lien.
What is Owner’s Insurance?
Owner’s insurance is a form of title insurance that protects the buyer from any unforeseen property complications. This type of insurance provides judicial and financial assistance up to the value of the property should any unexpected problems arise relating to the property’s title.
Is it necessary to purchase Owner’s Insurance?
Owner’s insurance is an absolute must to protect property owners against any financial loss in the unforeseeable event that an issue develops concerning ownership rights. As thorough as the title research process is, sometimes a title defect is not revealed, and owner’s insurance covers any defense costs.
What is the cost of Title Insurance?
The cost of title insurance is dependent on the home value, and it is purchased as a one-time expense during closing. For a one-time premium, the insurance coverage lasts as long as the insured owner, and his or her subsequent heirs, remains the owner of the property.
Do Title Insurance rates vary from company to company?
The State of Florida regulates premium rates for title insurance, and premiums will not vary from company to company. Fees may vary though for the title search process and the settlement or closing fee.

If you are looking for a title company to assist you in selling or buying your property, contact Marina Title today. We are an attorney-owned and operated title company, and have the professional staff and resources needed to aid in your real estate transaction. For more information on how we can assist you, reach out to us today and a representative from our team will gladly speak with you.

Call us at (305) 901-5628 or email us at Info@MarinaTitle.com

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