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FAQS

TITLE FAQ’S

  • Title insurance helps protect you or your lender from prior rights or claims other parties may have to the property, as well as from any outstanding debts of previous property owners.
  • Title insurance is based upon a public records search, which is examined by your Title agent to determine the state of the title at the time of your purchase.
  • In the event someone challenges your title, the title insurance underwriter will defend your title and pay all related costs and loss in property value that might ensue, up to the limit of your policy.
  • An escrow is a contractual arrangement in which a third party (escrow agent/title company) receives and disburses money or property for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties.
  • Escrow Deposits can be submitted via personal check, cashiers check, or wire transfer.
  • Your designated Escrow agent will provide you with wire instructions when the contract has been received.
  • The Florida State Department uses a set of five outlined premium categories of paying title insurance.

    You can calculate your title costs based on property value and using promulgated rates set by the state government.

    Below are the latest promulgated rates:

    1. $5.75 for every $1,000 of liability not more than $100,000.
    2. Extra $5.00 for every $1,000 of liability from $100,000-$1,000,000.
    3. Extra $2.50 for every $1,000 of liability from $1,000,000-$5,000,000.
    4. Extra $2.25 for every $1,000 of liability from $5,000,000-$10,000,000.
    5. Extra $2.00 for every $1,000 of liability exceeding $10,000,000.
  • The title company researches a home’s title and chain of ownership of that property. They can work on behalf of both the seller or the buyer, and also the lender. The title company plays a crucial role in organizing the real estate closing process.
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