1- What is Title Insurance?

A Owner’s Policy is an Insurance policy that protects your interest in real property. It insures against financial loss from defects and claims asserted by others from past ownership rights. It will defend against lawsuits attacking title or reimburse the insured for actual monetary loss up to the dollar amount of the policy. There are two types of Policies – owner and lender. Your lender will require a Lenders Policy to protect their interest in the collateral of the loan securing the property.

2- Are there problems that a title search can’t reveal?

Yes, there are hidden defects that the most thorough search can’t reveal, which could include, fraud, forgery, defective deeds, a seller incorrectly stating their marital status (which could cause a claim by a legal spouse). If these defects should arise after you have purchased your home. Title Insurance will protect your ownership.

3- Who pays for title insurance and picks the Title Co?

Whoever pays for the title policy picks the Title Company. This varies in the State of Florida. Buyer usually pays in Broward & Miami Dade County.4

4- Who will tell me my amount of cash to close?

The Title Company will contact you and your Real Estate agent with the amount needed for closing, this will happen once the Title Company has received closing instructions from your lender and upon preparation of the Settlement Statement.

5- Can I give the Title Company a personal Check?

No, all closing funds must be sent via wire transfer.

6- How much time does closing take?

For signing and funding of your home purchase, please allow for 60 minutes.

7- What will I need to bring to closing?

You will need to bring two valid forms of identification. One form must be a photo ID.

8- When will I receive the keys to my home?

Possession of the property is given after singing and funding at the closing table.

9- When will I receive the Deed to my home?

The day you close your deed will be sent to the County for recording. Once recorded it will be returned to your Title Company for your Owners Policy to be typed. This process will take 4-6 weeks for the final recorded Deed and Policy to be mailed to you.

10- When do I file my Homestead exemption?

After closing you must contact the DMV and change your driver’s license to the property address and your voter’s registration. Once you have received your new license and your deed is recorded you are able to go online into the Property Appraiser website and file for your homestead.