Owner’s Title Insurance
An owner’s insurance policy is an inexpensive policy that protects you against defects in the title to your property. The policy covers the equity that you have in your property, for as long as you own it. It is highly recommended that you obtain a policy.
When preparing your HUD-1 settlement statement, our office will include a charge for an owner’s title insurance policy. Should you decide that you do not want to purchase the policy, we will remove the charge from the statement at your request.
Why Do I Need Title Insurance?
When you purchase your property there will be an examination of the real estate records in the county where the property is located. This examination will uncover any defects in the chain of title or liens, which may currently be in the county records. Even with such a thorough review of the title, items may be missed in the public records that could entitle someone else to file an ownership claim to the title of your property. There are situations where even a mere clerical error in the records could affect your ownership. Furthermore, most Florida counties are behind in recording liens and/or deeds, which have already been filed in the county records these would therefore not appear in the county records.
What Are The Title Risks, Which May Arise?
Landowner’s rights have a high priority because of the value that is placed on real property. There are others, however, who have rights to a landowner’s property. These parties could include Lenders; Leaseholders; Materialmen; and even the State, County, and City where you reside for property taxes. As a new property owner, you may not be aware of any prior claims or risks to the title of your property and, therefore, are vulnerable to such claims. The mere issuance of a Warranty Deed and other documents by the Seller does not provide you with absolute protection and does not absolve other claims to the property. Other issues, which could affect your title, are prior civil lawsuits, divorces, prior personal tax liens and judgments, foreclosures, or bankruptcies of any prior owner.
What Does Title Insurance Cover?
Each title insurance company has different underwriting guidelines and stipulations; however, your title insurance should cover the cost of a legal defense on any claims against your titel and/or in the event a loss is sustained, should protect you up to the full amount of your policy. Your policy amount is usually the full purchase price you paid for your property.
What is the Cost of Title Insurance?
Title Insurance is very inexpensive considering the amount of security you will receive. This is a one-time premium that covers you throughout your ownership of the property, unlike property or automobile insurance.. We will be happy to quote you the exact fee involved for your particular property. *** Please ask us about lender’s vs. owner’s title insurance premiums.
How Do I Obtain Title Insurance?
HLF is an agent of more than one of the major title insurance underwriters. Attorneys are permitted to issue Title Insurance throughout Florida, provided they are authorized agents. HLF can provide you with Title Insurance coverage through the following insurers: Chicago Title Insurance Company (by and through Fidelity Title Insurance Company), Old Republic National Title Insurance Company, or First American Title Insurance Company.