Frequently Asked Questions 
A Title is the foundation of ownership property. A Florida title gives you a legal right to possess that property and to use it within the restrictions imposed by authorities or limitations on its use, superimposed on the basic right to possession by previous owners.
Title insurance is an insurance policy issued by an Insurance Underwriter, guaranteeing a buyer's ownership and the personal peace of mind from claims, liens or judgments associated with a property after the purchase is completed. Title insurance premiums are usually paid in one lump sum at the time the policy is issued, and the policy remains in force until the property is sold. Mortgage lenders normally require that borrowers obtain title insurance to protect the lenders' interest in the property. Property buyers also may purchase an owner's policy to protect their interest in the property.
Title Insurance is needed to protect your more important investment, your real estate. Title insurance provides protection to the homeowner and guarantees the property in which the homebuyer is purchasing is legally their own and that no one else can claim the property.
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Title insurance protects you from many things such as: false impersonation of the true owner of a property, forged deeds, undisclosed or missing heirs, mistakes in recording legal documents, fraud, misinterpretations of will, and many other things.
A legal title can pass from one owner to another in the following ways through a Will, Inheritance, Grant, Operation of Law, Court Decree, Descent & Distribution etc. In most cases, however, it is conveyed through a written instrument called the Deed. The person conveying ownership is called a "Grantor" while the person to whom ownership is conveyed is called the "Grantee". The Deed must be delivered by the grantor and accepted by the grantee. A Deed does not have to be dated, notarized, recorded or have any consideration to be valid. However, it must be notarized before it can be recorded in court.
A Deed is a written document in which the ownership of land is transferred from the seller to the buyer.
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The main function of a deed is to pass title to land. However, a deed is not official ownership of property until it has been notarized and recorded by the court.
A closing, also known as a “settlement” or “escrow”, is an event in which the title to a property is transferred from the seller to the buyer. A closing is usually held in the title agent’s office or at the title insurance company and all financial issues are settled at that time.
Title insurance from our Tampa, Florida title agency provides protection indefinitely, for as long as the current ownership lasts.
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It’s possible to lose the entirety of your home and property and still have to pay off the remaining balance of your mortgage. Most claims, however, aren’t to that extreme but will cost you time, money, and aggravation.
Title insurance costs can be broken down into two types – fixed costs and variable costs.
The two types of title insurance are: lender’s policy and owner’s policy. A lender’s policy protects the lender's interest in the property up to the face amount of the loan. The lender's policy is purchased by the buyer of the property and is usually required as a condition of the loan. The lender’s policy, however, does not protect the buyer from any title claims. An owner’s policy protects the buyer of the property from forged documents or human error that might arise after a sale has been completed.
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Fixed costs are the largest component of costs involved in paying for title insurance. This is a one-time payment that is based on the purchase/sale price of the property. Fixed costs include document recording fees, taxes, city assessments, etc. These costs are formulated and regulated by the government and remain constant across all title insurance companies.
Variable costs are the smaller component of costs involved in paying for title insurance. These costs represent service charges including processing and settlement fees, notary charges, search and examination fees, etc.
Various rights on the property may be owned by others, such as mineral, air, or utility rights, without you knowing about it. In order to transfer a clear title to a piece of land it is necessary to determine if any rights still belong to other people on that property.
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A title search can reveal many title defects and restrictions. Common problems are unpaid taxes, mortgages, judgments against the seller, and restrictions limiting the use of the land.
A title search can reveal many title defects and restrictions. Common problems are unpaid taxes, mortgages, judgments against the seller, and restrictions limiting the use of the land.
Title insurance should cover the cost of a legal defense on any claims against your title and in the event a loss is sustained, should protect you up to the full amount of your policy. Each title insurance company’s policy will vary.
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