Florida Title Insurance Company

Nestled among all other closing costs when you buy a house, you will probably find a charge for title insurance. If you take a mortgage to buy a house, your lender will insist that you take a title insurance. More than just a nuisance charge levied by most people who are determined to make a little extra money on your purchase of a house. Title insurance offers some real, tangible security in cases where there is never a problem with the title of your home.

But I thought that's what the title was for research ...

When you commit to buying a home, you want to be sure the person you sell it does have the legal right to sell. The information about who has ownership rights to property can be scattered in all sorts of different places. Learn how you can buy and sell property is to hire an experienced researcher who understands all the things that can affect the transfer of title from one owner to another.

Because information is so dispersed, so there is always the possibility that some bit of information might not be recorded or found.

Really, though, what could go wrong with a title?

Simply put, you'd be surprised. We have heard stories ranging from the first wife of a bigamist is to have a claim on the house to the fast talking crook who forged identity papers and sold the house to a family when they were on vacation. Most cases are caused as much more annoying - a loan former owner who has not been paid, the error of a clerk for filing a document or a dispute arising from a property line mismarked.

So what does the title insurance cover?

When you take a title insurance, the insurance company will make a thorough investigation of the title records to make sure they are free, but there is always the possibility that they missed something. If they did, they promise to pay the costs arising from the contest title and reimburse you for any losses you incur because of this. In other words, if someone does have a claim against your act, the insurance company to pay legal fees to defend against the allegation. If you lose, they pay the cost of the house.

Okay, so what's with the lenders insurance "and" insurance buyers "?

There are two types of title insurance. Mortgage lenders require only that you buy "insurance to lenders" because they are looking for their interests, not yours. Where a claim is made against the success of your ownership of your home insurance will pay the money lenders on your outstanding mortgage. You, however, are all of the money you already paid for the house, including your deposit.

Homeowners insurance covers the total purchase price of the house. If a claim against property, the insurance company will reimburse any amounts you have paid your mortgage and pay the rest of the mortgage while you're not responsible to continue to perform payments on a house you do not own.

How do I pay for title insurance?

You will pay for title insurance as part of closing costs of your home. It is a premium once you cover for as long as you own your home, as long as the claim arises from something that happened before the title search was done. There are no monthly payments - pay once and you do not have to worry about it.

It is worthwhile, would not you say?