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Closing Express Home Page Florida Title Insurance . net |
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Services -
Button What is Title Insurance and how does it protect
me? Title
Insurance protects what is probably your most valuable investment from
potentially devastating financial loss. Almost all Real Estate
purchases in the State of Two
Title Insurance policies are usually purchased and issued in a typical
Real Estate transaction involving mortgage financing. Most lenders require
a Lenders (or Mortgagee) Policy as a condition to making you a loan
secured by Real Estate. The Lenders policy insures the
enforceability of the Lender’s mortgage and its priority over other liens.
The cost of a Lender’s policy is dependent upon the loan amount, however,
it is available at a significant discount when purchased in conjunction
with an Owner’s Policy (simultaneous issue). The
Owner’s Policy of Title Insurance protects the purchaser from a myriad of
potential defects which could result in a complete loss of their
investment. Owners Title Insurance pays the legal costs associated with
defending the owners claim to title of the property. In the event of
a covered loss, the Owners Policy would provide coverage against loss up
to the purchase price. How much does Title Insurance
cost, and who pays for it? The
cost of the Owner’s Policy is dependent upon the purchase price. Unlike
homeowners and other types of insurance, the Owner’s Title Insurance
premium is paid one time at closing and affords coverage for as long as
you own your property, and beyond. Who pays for title insurance at
closing is a matter of contract. In Broward and
What is the job
of the Closing Agent or Title Agent? Part of
what the Closing Agent / Title Agent does is “behind the scenes.” In
order to issue title insurance, the closing agent must search public land
records for matters affecting that title. Most searches are conducted back
to an acceptable “base” title. The Title Agent reviews the documents
affecting the subject property to determine, among other things, the
actual owners of the property, other parties that have an interest in the
property and any liens that need to be satisfied at closing in order for
the buyer to obtain good marketable title. A significant percentage
of title searches reveal title problems which are resolved or fixed before
closing. A
careful title search and title examination will reveal most problems and
eliminate most risk. Despite an examiner’s best efforts, defects and
problems can arise after closing. Things such as mistakes in the public
record, previously undisclosed heirs claiming to own the property; or
forged deeds could cloud title. Owner's title insurance provides security,
piece of mind and protection against these and other myriad dangers by
providing legal representation to defend title and ultimately by paying
claims. The
more “visible” part of the Closing Agent / Title Agent’s job is actually
preparing for and conducting the closing. In a purchase, the Closing
Agent’s involvement may begin as an escrow agent. In most cases a
Real Estate Agency or Realtor© will hold the buyer’s good faith deposit,
but very often it is the closing agent that holds escrow. Your
Closing Agent / Title Agent will collect needed relevant documentation and
information from all parties (Buyer, Seller, Real Estate Agents, Lender)
in order to close the transaction in a timely manner. Your Closing Agent /
Title Agent will order payoff statements for any mortgages or liens which
must be paid at closing. The closing agent will typically order
evidence of insurance required by the lender, will order surveys and other
matters required to examine and insure title. The Closing Agent /
Title Agent will prepare a closing statement showing the cash to and from
buyer and seller (or just borrower in a refinance). The Closing
Agent / Title Agent will coordinate the closing date and time with all
parties and will conduct the actual closing. I'm refinancing, do I need title
insurance? In most
cases, Yes! When you refinance you are obtaining a new loan, even if
you stay with your old lender. Your lender will require title
insurance to protect their new loan on the property. The good news is you
may be entitled to a Discounted Rate known as a “reissue
rate.” I'm buying
a new construction home, do I need title
insurance? In many ways a newly constructed house poses even greater risks than a resale (from unpaid subcontractors, to homes constructed outside property boundaries). In a resale, these issues were likely (hopefully) resolved when an original, or subsequent purchaser obtained title insurance. Keep in mind, there were most likely many prior owners of the unimproved land, each of which could have caused liens to attached to the land. An Owner’s Policy of title insurance can protect you against these potential problems and pay for legal fees involved in defending a claim. Closing
Express, Inc. provides Title Insurance and Settlement Services throughout
At Closing Express our Title Insurance Policies are
underwritten by either Attorneys Title Insurance Fund ( The Fund) or
Fidelity National Title, Inc., both well respected underwriters in the
Florida Title Insurance industry. Gregory
Damiani and Michael Weissman have each been practicing attorneys in the
State of PICTURE Juris Doctorate from
Juris Doctorate from
Washington College of Law at 
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