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Title Companies: What You Need To Know

Title-CompaniesThere is no doubt that title companies play a brief but crucial role in securing the home of your dreams – this is why we at Florida Home Title Company are here to tell you exactly what you need to know about title companies.

Title companies ensure the title to a piece of real estate by searching through property records. They look for things such as errors and omissions in deeds, forgeries, mistakes in examining records, liens, mortgages, judgments and unpaid taxes, and any undisclosed heirs. Once they have determined that there are no issues with the title’s ownership and history they then issue title insurance for that property. Title insurance will insure against any claims of ownership to the property, assure that you are the rightful and lawful owner of the property, and free and clear of all liens. The cost for the title insurance is a one-time fee and is generally included in your closing costs. In the State of Florida the cost of title insurance is regulated by the state Insurance Commissioner and, therefore, rates cannot be determined by the industry.

Title companies offer two types of title insurance policies – Owner’s title insurance and Lender’s title insurance. Owner’s title insurance covers the owner of the property for as long as they own the property for the value of the property at the time of purchase against any title issues which may occur. Lender’s title insurance covers the lender for the original value of the loan if a claim against your property voids your ownership of the title.

You also have a choice in title companies – your realtor may already have a specific title company in your closing contract. However, it would be wise to shop around a bit before settling for that (or any other title company) – you may wish to get a personal recommendation from friends or family. While the rates for your title insurance are standardized across the State of Florida, different title companies may offer different areas of coverage. Also, you will want to make sure that the title company you sign is fully licensed and is experienced and respected.

The Florida Home Title Company will ensure that all of your title insurance needs are met and that you are covered for all possibilities. We are an attorney-owned and operated title company. We are a full-service and statewide-accredited title insurance company with over two decades of experience in the industry. So give us a call today to find out how we can help you to secure the home of your dreams!