Title Insurance in Florida Title Insurance in Florida

Title Insurance in Florida – What do I Need to Know?

Apr 22 2020

In this article, you will learn all you need to know about title insurance in Florida and how Marina Title can help you protect your home and save a substantial amount of money at the same time. Many people wonder whether is necessary to purchase title insurance in Florida. The answer is yes. Read on to learn why.

Understanding Title Insurance in Florida

Even if you have never purchased a home before, you are probably familiar with several types of insurance and with the concept of insurance in general.

When it comes to title insurance, the concept is the same, with the exception that it protects the title and ownership of a property instead of the property itself. When you consider how much your home is worth, it becomes obvious that this is the most valuable type of insurance most people will ever benefit from having. Fortunately, title insurance in Florida costs barely a fraction of what other types of insurance cost, and you only need to pay for it once.

A title insurance policy can protect your ownership rights from errors in title searches and paperwork, encumbrances and encroachments, defective titles, claims to ownership, fraud, lien claims, and lawsuits. Without title insurance, you could lose everything.

At Marina Title, the first question we usually get from clients is “how much does title insurance cost?” The answer is that it depends. Premiums vary depending on the purchase price of the property. The state regulates title insurance rates to ensure they are not excessive, inadequate, or discriminatory in any way.

Purchasing Title Insurance in Florida

Even though some large banks and institutional sellers insist that investors and homebuyers use their title services, this is actually a serious violation of U.S. federal law. Forcing a buyer to use a specific service gives that buyer the right to sue the seller for three times the amount of the title charges, and that seller could lose their license. In other words, homeowners and buyers in the U.S. have the right to choose their own title company.

Of course, in most cases, buyers will need referrals from other real estate professionals involved in the transaction, such as real estate agents and mortgage loan officers, to make sure they choose a reliable title company. Typically, real estate transactions go more smoothly and quickly when all the parties involved are familiar with each other’s processes.

Title insurance does not actually go into effect until the buyer pays for it at the closing and settlement stage. However, the various services title companies provide prior to closing are critical to the entire purchase process. Ordering title services is one of the first steps buyers need to take as soon as they reach a purchase and sale agreement with a seller.

The best title companies in Florida offer far more help to homebuyers, realtors, real estate investors, and lenders than just providing title searches, insurance policies, and coordinating closings. A great title company is a reliable partner in the entire process and is key to ensuring a smooth and successful real estate closing.

Unfortunately, like any other industry, not all title companies are great. Since a good title company can be so critical to a successful real estate transaction, it pays to make sure you choose the right one. When looking for a title company, you should look for:

  • Flexible closings,
  • A dedication to doing business the right way,
  • Friendly customer service,
  • An understanding of real estate in your county,
  • Fair fees,
  • Transparency,
  • A good reputation in the real estate community,
  • Willingness to explain anything you do not understand, and
  • Auxiliary services.

Are you looking to purchase title insurance in Florida? Work with Marina Title, a South Florida title company committed to high standards of service with years of experience in the title industry. Do you have any questions? Call Marina Title at (305) 901-5628 or send us an email to Info@MarinaTitle.com today.

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