At America's Choice Title Company, we are committed to providing you with all the answers you need to be fully in the know about your title insurance policies. Below, we have provided a list of frequently asked questions. Be sure to contact us if your concerns are not addressed here.
Why do you need title insurance?
When you buy a condominium, home, or even vacant land, you must have a complete title search made on every aspect of the property. If this is not done, you may discover that the property you bought and paid for is not actually yours at all!
Even after the search is conducted you will need protection in the event that some point has been missed in the public records. You will also need protection in the event that someone makes a claim on the title to your property. That protection is a title insurance policy.
What are the risks that call for such protection?
Real estate has such great value and is such a basic form of wealth that many laws have been enacted for its protection. These laws are so strict and far reaching that real estate is more strongly safeguarded than any other form of property. As a result, the owner of land has exceedingly strong rights, as do the family and heirs of the owner. However, others may also have a 'right' in the property. For example, there are mortgages and leaseholder rights.
There may also be liens due to unpaid taxes; lien claims to those whom the owner owes money, such as mining, oil or air rights, and many others. Anyone who has such a claim is in a limited way a part-owner of the property. He or she cannot ordinarily be deprived of their interest. As a new owner, you may know nothing about these risks, but you are still vulnerable to such claims on your property.
Doesn't your deed take care of giving you clear title?
No. A deed is merely an instrument whereby a seller transfers his or her right of ownership to you. It is not proof that the person described as the seller is actually the owner. It does not do away with claims or rights they may have in the property. From the deed alone you cannot determine what rights, liens or claims may be outstanding against your title.
Does an examination of the abstract reveal all defects in the title?
It may not, simply because the public records from which an abstract is made may not show everything that affects the title. For example, statements in the record may be incorrect or may fail to give important facts. There also may be fraudulent or improperly executed documents on the record. In addition, there may even be ordinary clerical mistakes which could seriously endanger the title. Despite this, a title would appear to be clear if only the abstract were examined.
What will a title search determine?
|• If the search made in preparing the abstract has been thorough;
• If the facts revealed in the abstract have been correctly interpreted;
|• If no clerical errors have been made in public records
• If claims or right of others have been disposed of.
What can I do to ensure a stress-free closing?
Tips for a Stress-Free Closing
|• Review your contract to make sure your names are spelled correctly and the names match the loan application.
• Understand the good faith estimate from your lender, broker or real estate agent.
• Prepare for availability of funds prior to closing. Our goal is to provide all parties with final figures 24 hours prior to settlement.
|• Know how you wish to hold title if buying jointly (our in–house counsel or title agents can assist you with learning about the differences).
• Setup a final walk through of the property prior to settlement.
• Settlement should take approximately 1 hour and will require you to have a valid government issued ID, such as a driver's license or passport.
Contact us if you have any further questions about our clear title services in Florida. Ponte Vedra, Palm Coast, Jacksonville, Tampa, Orlando, Ft. Lauderdale, Miami and St. Augustine are only some of the cities we work with in Florida! We will provide thorough answers to your questions as quickly as possible.