At Title Partners of South Florida, we know that there are many questions when it comes to title insurance. That's why in today's post, we're answering some of the top title insurance questions we get asked. Keep reading to learn more, or feel free to contact us today with any questions you may have.
What Is Title Insurance?
In short, title insurance is a type of insurance that protects the buyer and lender in the event that there are any problems with the property's title. The title is a document that proves who owns the property, and if there are any questions or issues with it, title insurance can help to resolve them.
How Much Does Title Insurance Cost?
Title insurance in South Florida varies according to the purchase price of the property. A title insurance premium is paid just once at settlement, unlike other insurance premiums, which must be paid annually.Florida’s title insurance premium is also determined based on the purchase price as follows:
- Purchase prices up to $100,000: $5.75 per thousand
- Purchase prices over $100,000: $5.00 per thousand
Title insurance costs money that you pay to a title company, which is why the amount varies based on the value of the property you're insuring. A $100,000 house would incur a title insurance charge of $575, but a $200,000 home would cost $1,075.
What Is a Title Search?
A title search is conducted to find any past problems with the property's title. This includes things like unpaid liens or mortgages, owners who have died without a will, or current lawsuits involving the property. The title company will also look for any easements or restrictions that could affect your use of the property.
Can I Complete My Closing Digitally?
Yes, you can! At Title Partners of South Florida, we make it easy to complete your closing digitally from the comfort of your own home. We will send you all of the documents you need electronically, and you can sign them using a secure electronic signature. You'll then return the documents to us electronically.Title Partners of South Florida has been in business since 1995 — and we know real estate title insurance and closing processes inside and out. Are you ready to get started? Order online now and rest assured that you’re in good hands with