Our team at Clear Title and Escrow provides extra resources for our clients. We offer classes and training, sponsor real estate events, create monthly sales meetings and schedule open houses. To find out more about our upcoming events, contact our team at 850.640.1491.
What Is Title Insurance?
Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans.There are two types of policies – owner and lender.
Who Pays For Title Insurance?
In Florida it varies per county and can be negotiated in the contract. Generally, the owner’s title insurance and the title/closing company in most Florida counties will be taken care of by the seller, while the loan policy is paid for by the borrower.
What Is A Title Search/Title Examination?
- Title examination searches all public records in the county to provide a “clean” title upon conveyance.
- Historical deeds are examined to confirm a proper “chain of title”. This important step makes sure that each person before you had the legal right to sell the property. In this step the legal description of the property is verified on all previous transfers as well.
- The title examiner will review all recorded mortgages and other encumbrances. The title examiner will determine which documents have been satisfied and which ones are still outstanding. Before transferring title all encumbrances must be satisfied in a manner that is compliant with Florida’s Real Property Title laws.
- Some personal judgments can attach to property such as, delinquent child support, student loans and unpaid credit cards.
- Unrecorded liens are the most common. These liens include water bills, code violations, or any other lien that may not be recorded. The “Marketability” of title will be affected by these unrecorded liens.
How Long Does The Closing Process Take?
Depending on the contract, time frames will vary. Closings involving cash can happen in as little as a few days, whereas it can take 30-45 days for a closing involving a mortgage.
What is Escrow?
Escrow is a legal arrangement in which a third party temporarily holds large sums of money or property until a particular condition has been met (e.g., the fulfillment of a purchase agreement).
What Should I Expect During House Closing?
Settlement is a brief process in which all of the necessary paperwork needed to complete the transaction is signed. House closing is typically held in an office setting, sometimes with both buyer and seller at the same table, sometimes with each party completing their papers separately. Whatever the case, the result is that title to the property is transferred from seller to buyer. The buyer receives the keys, and the seller receives payment for the home. From the amount credited to the seller, the closing agent subtracts money to pay off the existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed, and filed with local property record offices.
Clear Title and Escrow is here to answer any questions you have along the way. If you are looking for specific information, please contact our team.
Want to find out your closing cost? Use our Closing Cost Calculator by clicking on the blue "Quick Quote" tab at the bottom left of the page!