10 FREQUENTLY ASKED QUESTIONS ABOUT TITLE INSURANCE
Real estate buyers and sellers frequently ask us many of the same questions about title insurance as they prepare for a real estate transaction. Our attorneys make sure that key real estate concepts are thoroughly understood by all parties prior to the transaction taking place so that people are aware of their rights and obligations with respect to the law.
Lawyers from Wallace Law are some of South Florida’s most active real estate closing attorneys.
Real estate buyers and sellers frequently ask us many of the same questions as they prepare for a real estate transaction. Our attorneys make sure that key real estate concepts are thoroughly understood by all parties prior to the transaction taking place so that people are aware of their rights and obligations with respect to the law.
Below is a list of the 10 most frequently asked questions (FAQs) that we encounter related to title insurance along with the answers. Note that while these answers cover transactions in general, each individual party to a transaction faces a unique set of circumstances and thus needs individualized legal advice. If you are a party to a real estate transaction in Florida, it is recommended that you seek the legal advice of an experienced Florida real estate attorney prior to making any decisions that could expose you to risk.
Florida Title Insurance FAQs
What is title insurance?
Title insurance is a type of insurance that protects against losses that may arise if there is an issue with the ownership of a property. It is typically purchased during the home buying process and is intended to protect the buyer and the lender from financial loss related to title defects.
Is title insurance required in Florida?
While title insurance is not legally required in Florida, most lenders will require that a buyer purchase title insurance as a condition of getting a mortgage.
How much does title insurance cost in Florida?
The cost of title insurance in Florida varies depending on the value of the property being purchased, but it typically ranges from 0.5% to 1% of the purchase price.
What does title insurance cover in Florida?
Title insurance in Florida typically covers a range of issues related to the ownership of a property, including liens, encumbrances, defects in the title, and claims of ownership by other parties.
Who pays for title insurance in Florida?
In Florida, the cost of title insurance is typically split between the buyer and the seller. However, this is negotiable, and the parties may agree to a different arrangement.
How long does title insurance last in Florida?
Title insurance in Florida typically lasts as long as the owner or the lender has an interest in the property.
What is a title search?
A title search is an examination of public records to determine the ownership history of a property and whether there are any liens, encumbrances or other issues that could expose the owner of the property to liability.
Who performs a title search in Florida?
In Florida, a title search is typically performed by a title company or an attorney. South Florida Law is both a law firm and a title agency and can serve as both your title agent and closing attorney.
“A title search is an examination of public records to determine … whether … any liens, encumbrances or other issues … could expose the owner of the property to liability.”
Can title insurance be transferred to a new owner in Florida?
No, title insurance cannot be transferred to a new owner in Florida. Each owner must purchase their own title insurance policy.
What should I do if there is an issue with my title insurance in Florida?
If you discover an issue with your title insurance in Florida, you should contact your title company or attorney immediately to determine the best course of action. Depending on the issue, you may be entitled to compensation under your policy.