Buying a home and buying the title to the home are one in the same. Owning the title to the home gives you all of the rights of ownership.

A title search is a review and examination of all known records concerning a property, including but not limited to deeds, property indexes, court records, as well as other documents. Title searches are used to discover any defects or claims on the property. Maybe most importantly, a title search is used to ensure that the seller has the right to transfer ownership of the property.

Title searches will typically reveal defects, lines, encumbrances or other issues such as unpaid mortgages or taxes, or judgments against the property.

Yes. However, in some instances properties come with hidden hazards that cannot be discovered even by the most through title searches. Defects such as fraud, incorrect legal status, clerical errors, etc., may arise after you have purchased your home or property. Title insurance is what will protect your ownership rights against such claims.

Title insurance is your insurance policy that protects you from loss or against outside claims of ownership to your home or property as a result of the problems or hidden hazards mentioned above.

Title insurance will provide you a legal defense and pay your court costs and other potential fees in the event that somebody makes a claim against your ownership of property. If it so happens that somebody makes a valid claim against your ownership of the property then title insurance will cover your actual losses up to the limits of the policy.

Title insurance premium is a one-time fee paid at closing. The title insurance premium is set by Florida law and depends on the purchase price of the home or property. For instance for purchases up to $100,000 = $5.75 per thousand, over $100,000 = $5.00 per thousand (ex: $100,000 = 575.00; $200,000 = $1,075.00).

Generally speaking, the seller pays the title insurance and chooses the title insurance company. However, title insurance issues can often be negotiated as part of the purchase contract. Request a free, no obligation title insurance quote now by clicking here.

The “Closing” (also known as “escrow” or “settlement”) is the final paperwork signing that transfers the title and ownership of the home or property from the seller to the buyer. The “Closing” is usually held at our beautiful and historic North Tampa office.

Closing costs represent the cost of the completed real estate transaction. They include, but are not limited to, property taxes, title insurance, title agency fees, recording fees, loan fees, the survey, lending costs, the balance of the down payment, etc.

Prior to closing, our office will present you with your final HUD-1 Settlement Statement (“HUD”). The HUD is a standard form used to itemize services and fees charged to the borrower by the lender or broker for the purpose of buying or refinancing a real estate transaction.  All parties to the real estate transaction should review the HUD to ensure that all title, escrow, and lender fees are accurate.