FREQUENTLY ASKED QUESTIONS

Why you need title insurance?
What is title insurance?
What does title insurance cost?
How is title insurance paid for?
If I refinance do I need to pay for title insurance?
Will I obtain a new owner's policy if I refinance?
What is a title commitment?
What is a title policy?
If I am married will my spouse have to attend the closing?
What if I am unable to attend my closing?
What is a homestead exemption?

Why you need title insurance ?
Title Insurance is your guarantee that owning your property will be safe and secure for as long as you or your heirs maintain title. Title insurance protects your fortune.

What is title insurance ?
When you purchase real estate, you expect to obtain clear title to the property you purchase. Before signing the documents, it is important to confirm that the seller truly owns the property and is not overlooking certain problems. Title insurance is important because it protects you from these possible undisclosed title problems. Some of these problems may include: unpaid taxes, unpaid mortgages, judgment against previous owners, or other claims against the property.

What does title insurance cost ?
The premium is based on the amount of the sales price and/or loan insured.

How is title insurance paid for ?
Title insurance is paid for in one lump sum when the property is purchased.

If I refinance do I need to pay for title insurance?
Yes.  There are two different types of policies - a loan policy and the owner's policy.  A loan policy is issued after a refinance.  A loan policy protects the mortgage company's interest in the property as security for the outstanding balance of the buyer's mortgage.

Will I obtain a new owner's policy if I refinance?
No.  Ownership of the property is not changing, therefore you do not receive a new owner's policy.

What is a title commitment ?
Title commitment is an assurance to the lender or to the buyer of real property that tile has been checked to the date of closing. This creates an obligation to write a final policy. Commitment Schedule B, Part I, lists all items necessary to be obtained or problems to be cleared before the issuance of a final policy. Schedule B, Part II, will display all matters that will be shown on Schedule B of a final policy as exceptions to that final title insurance policy.

What is a title policy?
A title policy is issued up the finalization of the transaction. It consist of Schedules A and B. The two schedules list the information as reference on the title commitment and any matters effecting changes to the title at closing.

If I am married will my spouse have to attend the closing?
Florida is a Homestead State. Your spouse needs to attend the closing unless you are purchasing investment property.

What if I am unable to attend my closing?
No problem. Closing documents can be pre-signed, faxed or overnighted.

What is a homestead exemption?
Every person who has legal title to a residential property and lives there permanently qualifies for this exemption. You must be a permanent resident of Florida on January 1 of the initial application year. You may either apply by mail or in person at any time through the year but the deadline is March 1 of the qualifying year.

A copy of your deed and proof of residency is required. You may submit a copy of your Florida driver’s license, voter’s registration or permanent residency card.

Exemptions cannot be transferred. If you sell your home and buy another residence, you must file a new application.

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