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What is Title Insurance? |
Title Insurance is
a policy that protects you from financial loss due to a challenge
against your real estate ownership. A title search is not
sufficient—it cannot disclose the unrecorded risk that could exist.
It’s expensive to be totally innocent. Even though you may have a
valid claim, court fees to defend that claim can be cost
prohibitive, exceeding the property value. Title Insurance will bear
that expense for you.
Read more ... |
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What are Title Endorsements? |
Title
Insurance has exceptions and exclusions. Title Endorsements close
the gap. Title Insurance policy does not cover covenants and
restrictions violations, mineral issues, easements, abusive
association, challenges against condominium declarations, and the
list goes on…. For a nominal cost, Title Endorsements absorb all of
those expenses.
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How much does Title Insurance cost? |
Title
Insurance fees are regulated by the State of Florida. The base rate
is $5.75 per thousand up to $100,000, and $5.00 per thousand
thereafter up to $1 million. Discounts are available for some
transactions. Please call Land Title at (904) 797-9600 for
specifics.
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Quit Claim Deed vs. Warranty Deed? |
DON’T
DO IT. When you deed interest in a property via quit claim, you are
conveying or giving all interest you have IF ANY (but you might not
have any interest). There are no warranties. Therefore, if you
bought a nice home and you purchased a Title Insurance policy to insure
it, but then decided to do some estate planning and quit claimed the
home to your trust or family members, you have voided your title
policy. DON’T DO IT. Quit claim deeds are great for cleaning up
title related issues, but not much more. Quit claim deeds can also
be an easy way for someone to commit fraud. With few exceptions,
always get a WARRANTY DEED instead of a quit claim deed.
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What? I have to pay for Title
Insurance
every time I refinance? |
Yes. The policy that your lender has will go
away when it is paid off in the refinance of your property. Your new
lender will require a policy to protect their interest in the loan.
When you refinance, Title Insurance is not transferrable -- it never has been and probably
never will be.
Some discounts are available based on your
owner’s Title Insurance policy when you purchased your home. Please
call Land Title at (904) 797-9600 for specifics.
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Do I have the right to select the
title
agent for Title Insurance? |
If you pay, you
choose. If you pay and someone tells you that you don’t have
the right to choose your Title Agent, either that person
doesn’t understand the rules, or they’re not being honest
with you. Please remember, Title Insurance is a contractual
item and sometimes you can pay and not choose if you agreed
to it on the contract; otherwise, the basic rule applies:
you pay, you choose.
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Why buy Title Insurance? |
When was the last
time you had to hire an attorney to defend your rights? It’s dang
expensive. Think of that owner’s Title Insurance policy as prepaid
attorney’s fees. Whether or not someone has the right to challenge
your ownership (even after you’ve sold), you still have to prove it
in a court of law and that can be cost prohibitive. Title Insurance
is an inexpensive way to protect your now and your future.
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What should I bring to closing? |
Your driver’s
license, and if you’re the buyer: a cashier’s check. Of course there
are always exceptions to this, but for the most part, that’s it.
Sometimes the buyer has to bring a second form of photo ID if the
lender requires it.
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I sold my home, can I throw away
my owner’s
title policy? |
Can we say “Heck no!” and you not take offense? Then
Heck No! Title Insurance protects you even after you
sell. Because the contracts and the new Title Insurance for the
buyer require you to convey with warranties, you become responsible
for anything that has ever transacted on the property.
Let’s say the Seminole Indians claim the
property is an old burial ground and they’re kicking the new buyer
out of the house. Any of your legal fees incurred in that lawsuit
will have to be paid by the Title Insurance company that issued your
owner’s title policy when you purchased the land. Keep your hands on
it.
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Why should I care who issues
my Title
Insurance policy? |
Cost: Normally local title companies will
charge you less.
Service: A local title company can be there
to answer your questions when challenges or trials arise. You’re not
at arm’s length of the Internet or on the other side of a 1-800
number.
Accountability: A local title company is
going to see you at the church or school function, shopping at
Wal-Mart, or enjoying the fair downtown. When we review your closing
documents with you, we’re going to make sure you understand them.
It won't be possible for us to close the deal, shake your hand and
drive back to Tampa knowing we’ll never see you again.
In our close-knit community,
who issues your policy matters a
lot, especially when it comes to cost, service, and accountability.
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