Expert Title Company - Your Source for Affordable Title Services
You've finally found the perfect home and are ready to make an offer. You're confident that your financing is in order, and you have a great real estate agent working on your behalf. The seller seems motivated, and everything appears to be moving forward smoothly. Then, at the last minute, the deal falls through because the seller doesn't have a clear title to the property. Or you close on your new home only to discover that the former owners failed to pay their homeowners' association dues and you're now responsible for hundreds or even thousands of dollars in back assessments. These are just two examples of why it's so important to have title insurance. We'll explain what title insurance is, how it works and why you need it.
Title Insurance and Why You Need It
Title insurance is a type of insurance that protects the buyer and lender if there are problems with the title of the property. The most common issue that title insurance protects against is undisclosed liens, which can include things like outstanding mortgages, tax liens, or judgment liens. A title agency in Florida offers title insurance and also protects against forgery, fraud, and mistakes in public records. While most lenders require buyers to purchase title insurance, it is also beneficial for buyers to purchase their policy. This is because the title agency in Boca Raton, FL only covers the lender's interest in the property, not the buyer's. If there are any problems with the title, the buyer would be responsible for paying to resolve them.
The Cost of Title Insurance Cost
The cost of title insurance depends on the value of the property, but it is usually between 0.5% and 1% of the purchase price. For example, on a $200,000 home, you can expect to pay between $1,000 and $2,000 for title insurance. In addition to the premium, you may also have to pay for a title search, which can cost between $200 and $500. However, Real Estate Insurance Company Florida will require you to purchase title insurance as part of your loan agreement, so be sure to ask about this before you apply for a loan.
The Benefits of Having Title Insurance
Title insurance can provide peace of mind in knowing that you are protected against hidden risks that could result in financial loss. For example, if it is later discovered that the seller did not have clear title to the property, or that there are outstanding liens against the property, a title agency in Florida would cover the cost of resolving these issues if you had title insurance. In addition, title insurance can also protect against forgery, fraud, or mistakes in public records. As a result, it is an important consideration for anyone buying or selling a property.
How to Get Started with Obtaining Title Insurance
To obtain a Florida title insurance policy, you will need to a title agency in Boca Raton, FL. The company will then order a title search on your behalf. The title search will look for any liens or encumbrances on the property. Once the search is complete, the company will provide you with a quote for the premium. You can then purchase the policy and receive protection against any claims that may be made against your property.
Title insurance is an important consideration for anyone buying or selling a property. It can provide peace of mind in knowing that you are protected against hidden risks that could result in financial loss. Therefore, if you are in the process of buying or selling a property, be sure to consider contacting us at Expert Title Company to obtain a policy.