Title Insurance

The Real Estate Closing

The purpose of a closing for a real estate transaction is the transfer of title from buyer to seller. To accomplish this, a sales contract must be signed, the necessary funds must be collected, and documents executed and recorded. In many cases, an owner and/or lender’s title insurance policy is issued.

Closing transactions in Florida may be conducted by a title insurance agent, notary, and/or attorney. These individuals facilitate the closing process and hold your funds in escrow until its time for disbursement.

What is Title?

Title is the ownership basis of real estate and represents your legal right to use, control, possess, and transfer possession of the property. “Clear Title” refers to a person’s ability to transfer title of a property freely without being beholden to any other party.

There are many circumstances which may inhibit a party from transferring their ownership of a property, such as unpaid property taxes, a lien (such as a mortgage or an unpaid debt arising from certain kinds of work done to the property), or an easement. This is not an exhaustive list by any stretch.

Determining if a person possesses “Clear Title” to a property (or how they can transfer the property despite any title defects) is a difficult process that should only be undertaken by professionals. If done improperly, property can be erroneously transferred without resolving the defects, which can render the new or previous owners liable to civil suit. Therefore, many people obtain Title Insurance in order to protect themselves.

Role of Title Insurance

Title Insurance protects you and/or your lender from old claims, rights, and debts others may have to the property. There are two types of title insurance available for purchase – lenders and owners policies.

Prior to issuing a title insurance policy the title agent will conduct a title search, review its results, and inspect for potential defects such as liens or easements. However, thorough searches still are not guaranteed to uncover every defect. These defects present a risk to your free and clear ownership of the property. Title insurance protects you against these risks.

If after purchasing property, if your title is challenged, your title insurance will defend your title and pay the costs of doing so, including losses that may result.

Role of Title Insurance

Your title agent will:

Benefits of choosing a law firm/attorney to handle your closing

By choosing to have a law firm handle your closing, you receive the benefit of having an experienced and knowledgeable lawyer involved in your closing. The attorney at Oldham & Delcamp can assist you in working through the real estate closing process, advise on the intricate contracts, and handle communication among parties.

Commonly Used Terms

Call to Discuss a Potential Title Insurance Case

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