Southtrust law & Title PA is now Dubyak Law P.A.
Southtrust law & Title PA is now Dubyak Law P.A.
In this article, you will learn:
As a homeowner, understanding the value of insurance and the type of insurance you need for your home is crucial. Title insurance is among the basic types of home insurance you need as a homeowner. In essence, there are two types of title insurance:
Although both types of title insurance policies are similar, they differ in how they terminate and the principal amount you pay. Additionally, they’re not transferable; at closing, the buyer and the lender each get their standalone policy.
Title insurance guarantees that the person or persons selling you the property have the right to do so. It ensures that there are no liens, judgments, or encumbrances on the property. Title insurance makes sure you can own the property free and clear, apart from mortgage and property tax payments.
From the lender’s perspective, title insurance ensures that they are the first priority if the home is sold or foreclosed on and that they are the first ones to be paid back.
No, you will have to seek new title insurance every time you sell a property. Title insurance guarantees that from the day that you close on the property, there are no liens, judgments, or encumbrances that are of record from the establishment of the property to the date of sale.
You’ll also have to get a new lender’s policy if you refinance your mortgage, as risks to the lender are higher.
Should you sell that property, the new owner will require title insurance to guarantee that no liens, judgments, or encumbrances are against that property during the time that you owned it.
Attorney Jeremy Dubyak is a seasoned lawyer based in Florida who has helped countless clients just like you navigate the intricacies of Real Estate law. With over 12 years of experience, he is prepared to assist you with title insurance issues and help you get clear titles that make the sale and purchase of real estate straightforward.
Still have questions? Ready to get started? Contact Dubyak Law Firm today to schedule an initial consultation.
Title insurance is regulated, meaning its cost is set by law. Generally, the fee is about half of 1% of the purchase price or loan amount. While the core policies are standard, there are optional add-ons to tailor coverage. For instance:
The choice of title insurance often comes down to what the mortgage company requires. Loan packages include instructions on the necessary endorsements for closing. In most real estate transactions, the goal is straightforward: satisfy the lender’s requirements so they feel secure lending the money.
Your attorney helps by understanding the lender’s requirements, ensuring the policy includes the right add-ons, and streamlining the process so everyone involved can move forward with confidence.
It’s not uncommon for a seller to earnestly believe that they own a plot of land when they do not. In many cases, this is only discovered through an attempted sale of the land.
One case that our firm handled involved a man who had land divided into two units, Parcel A and Parcel B. He looked to sell both parcels, and the prospective buyer assumed they were purchasing both together, as both were advertised as being on sale and both were covered by a title insurance policy. As it turned out, however, Parcel B was owned by another person altogether.
Luckily for everyone involved, Parcel B was the least expensive, at only $50,000. The title insurance company simply wrote a check for that amount, which was acceptable to my clients, who were considering suing over the matter. We worked through the process without litigation because the title insurance policy stepped up and took care of it.
I have also handled cases for clients who planned to buy a property only to discover that unpermitted additions by the current owner ran through water easements. This made future permits to build there impossible and ensured no lender would lend on the property so long as the addition remained.
Had they bought the property, they would have inherited this problem. Using an attorney for due diligence, acquiring title insurance, and using reputable closing companies can all work together to prevent costly and stressful mistakes when buying or selling.
When buying a house, it’s understandable to try to keep costs minimal and only invest in things you truly need. But it’s important to protect yourself, and title insurance is not something you should ever skip to cut costs. It’s well worth the investment. And if you buy with a loan, you will be required to have a title insurance policy.
Even very small investments, such as small plots of undeveloped land, should have a title insurance policy. It’s a minimal expense to avoid serious, costly risks down the road.
Still Have Questions? Ready To Get Started?
For more information on Understanding Title Insurance In Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (850) 266-7822 today.
Attorney Jeremy Dubyak is a seasoned lawyer based in Florida who has helped countless clients just like you navigate the intricacies of Real Estate law. With over 12 years of experience, he is prepared to assist you with title insurance issues and help you get clear titles that make the sale and purchase of real estate straightforward.
Still have questions? Ready to get started? Contact Dubyak Law Firm today to schedule an initial consultation.
