A title company will first order the title search, as well as provide escrow services throughout the transaction. They act as a central point of contact for Realtor’s, buyer’s, seller’s, lender’s, and any other involved parties. Once the title search is back, the chain of title is reviewed in order to ensure that the title will be free and clear of all judgements, liens, and encumbrances at the time of closing. The title company will also prepare the closing documents, and the closing is typically held at their office.

A title search is an analysis of the historical records for a certain property. The records that are analyzed include recorded deeds, court records, property indexes, name indexes, and many other documents. The reason for this is to verify that the seller has the right to transfer ownership, as well as to discover if there are any other claims to title, defects in the title, and/or any judgements, liens, or encumbrances against the property.

An insurance policy that protects the purchaser and lender from any claims or financial loss resulting from title defects against the property.

False impersonation of the true owner of the property

Forged deeds, releases or wills

Undisclosed or missing heirs

Instruments executed under invalid or expired power of attorney

Mistakes in recording legal documents

Misinterpretations of wills

Deeds by persons of unsound mind

Deeds by minors

Deeds by persons supposedly single, but in fact married

Liens for unpaid estate inheritance, income or gift taxes

Fraud

A multitude of title defects can arise during the title search. This can include, but is not limited to unpaid property taxes, unsatisfied mortgages, judgements against the seller, restrictions limiting the use of the property, conflicting wills, missing heirs, incorrectly executed deeds, or easements that may be burdening the property.

Yes, there are “hidden hazards” that even the most thorough of title searches may not find. These “hidden hazards” can be things such as fraud or forgery, mental incompetence, confusion due to identical names, or incorrect marital status which could possibly result it in a claim from the legal spouse.

Every lender requires a lenders policy to be purchased for their protection. This guarantees that they’re in first lien position, and should the house be foreclosed on or auctioned off, the lender will be paid off first.

The cost of title insurance is regulated by the State of Florida, and will vary depending on the value of your property, and the coverage you select or may be required by your lender. You only pay the premium once, then the coverage continues in effect for so long as you have an interest in covered property.

Buyers and sellers each have separate closing costs related to their transaction. The contract language determines who pays for what costs such as title insurance, lien search, title search and documentary stamp taxes on the sale.

Buyers customarily pay for any loan related expenses as well as the lender’s policy. Sellers customarily pay for the Owner’s Policy, and title or lien searches.

Always be sure to carefully review your contract with your Realtor.

An attorney is dependent on the customer’s preference. The difference between an attorney and a title agent is that an attorney works for you, as their client; however, a title company works as an intermediary between the parties.

A licensed, Florida title agent is qualified to issue title insurance in the state of Florida and perform the closing.

The title search takes an average of 5-7 business days. The file then needs to be processed, and then given to a closer to prepare the documents. The average transaction takes 30-45 days to close. Cash transactions can closer quicker than those that require financing. Your contract will specify the timeline and dates.

Our office will call you to schedule your closing. We will also be coordinating with your lender (if applicable).

Title insurance costs and fees are customarily paid for at closing, and they are itemized on the closing statement.

FIRPTA stands for the Foreign Investment in Real Property Tax Act. If a seller is not a USA citizen or resident, FIRPTA requires a prepayment to the Internal Revenue Service (IRS).

You will receive your owner’s policy and the recorded deed in about 4-6 weeks depending on how long the county’s recording department takes.