[et_pb_section fb_built=”1″ fullwidth=”on” module_class=”tt-title-area” _builder_version=”4.14.8″ background_color=”#0c71c3″ use_background_color_gradient=”on” background_color_gradient_type=”radial” global_colors_info=”{}”][et_pb_fullwidth_post_title meta=”off” featured_image=”off” text_color=”light” module_class=”tt-inner-hero” _builder_version=”4.14.8″ title_font=”||||||||” title_font_size=”60px” meta_font=”||||||||” background_color=”rgba(36,36,36,0.92)” use_background_color_gradient=”on” background_color_gradient_start=”rgba(0,0,0,0.45)” background_color_gradient_end=”rgba(0,0,0,0.45)” background_color_gradient_overlays_image=”on” background_image=”https:\/\/watersoundtitle.com\/wp-content\/uploads\/sites\/383\/2022\/09\/iStock-163639104.jpg” text_orientation=”center” custom_padding=”183px||183px||true|false” title_font_size_tablet=”40px” title_font_size_phone=”30px” title_font_size_last_edited=”on|tablet” global_colors_info=”{}”][\/et_pb_fullwidth_post_title][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|tablet” _builder_version=”4.14.8″ custom_padding=”70px||70px||true|false” custom_padding_tablet=”54px||54px||true|false” custom_padding_phone=”” global_colors_info=”{}”][et_pb_row _builder_version=”4.14.8″ custom_padding=”0px||0px||true|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider color=”#0477BF” divider_weight=”5px” _builder_version=”4.14.8″ _module_preset=”default” max_width=”6%” module_alignment=”left” custom_margin=”||0px|” locked=”off” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”Helpful Links” module_class=”tt-resources-accordion” _builder_version=”4.14.8″ header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”40px” header_3_font=”||||||||” header_4_font=”||||||||” header_5_font=”||||||||” header_6_font=”||||||||” custom_margin=”||15px||false|false” header_2_font_size_tablet=”30px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][et_pb_accordion open_toggle_text_color=”#ffffff” open_toggle_background_color=”#2484BF” closed_toggle_background_color=”#0477BF” module_class=”tt-resources-accordion” _builder_version=”4.14.8″ _module_preset=”default” toggle_text_color=”#ffffff” toggle_font_size=”19px” body_text_color=”#ffffff” hover_enabled=”0″ toggle_font_size_tablet=”17px” toggle_font_size_phone=”15px” toggle_font_size_last_edited=”on|phone” body_font_size_tablet=”14px” body_font_size_phone=”13px” body_font_size_last_edited=”on|phone” global_colors_info=”{}” sticky_enabled=”0″][et_pb_accordion_item title=”What Is Title Insurance and Why Is It Important? ” open=”on” _builder_version=”4.14.8″ _module_preset=”default” custom_margin=”||15px||false|false” global_colors_info=”{}”]<\/p>\n
Title Insurance is an indemnity insurance that insures the buyer or lender of real property from losses due to liens, encumbrances or other title defects in the chain of title that, for the most part, occurred prior to acquisition of the property. It also covers losses and damages suffered if the title is unmarketable (i.e., unsellable) or if there is no right of access. The amount of coverage of is typically the sales price of the property for an owner\u2019s insurance policy, and the amount of the loan for a lender\u2019s insurance policy. An Owner\u2019s Policy of Title Insurance protects an owner\/buyer from unforeseen future title discrepancies. If a claim arises, the insurance company will defend the title and pay the cost of settling any valid claims made on the property or reimbursing the owner for the actual monetary loss caused by the title defect up to the face value of the policy. In short, title insurance pays for the expertise to resolve title defects, that is, to defend a buyer\u2019s title and pay losses for defects of title.<\/p>\n
[\/et_pb_accordion_item][et_pb_accordion_item title=”Do I need Title Insurance?” _builder_version=”4.14.8″ _module_preset=”default” custom_margin=”||15px||false|false” global_colors_info=”{}” open=”off”]<\/p>\n
Yes! A home is typically your largest investment. Title insurance will protect an owner of property if there is a problem with the title after the closing date. The underwriter or insurance company will defend against a lawsuit attacking the title of the property or reimburse the owner for the actual monetary loss caused by the defect, up to the dollar amount of insurance provided by the policy. There are numerous title discrepancies that even the most diligent search could fail to disclose, such as:<\/p>\n
The above items are just a few of the potential problems that could unexpectedly arise. Even if a title defect doesn\u2019t cause an owner to lose the property altogether, it could make it impossible or extremely difficult to sell the property. If an owner were forced to defend his\/her property rights in court, the cost would be significantly greater than the cost of the one-time premium for an Owner\u2019s Policy of Title Insurance.<\/p>\n
[\/et_pb_accordion_item][et_pb_accordion_item title=”How Much Does Title Insurance Cost and How Long Does It Last?” _builder_version=”4.5.7″ _module_preset=”default” custom_margin=”||15px||false|false” global_colors_info=”{}” open=”off”]<\/p>\n
Florida title insurance rates are set by Florida statute based on the purchase price of the property. The average cost of a loan policy is $3.50 per $1,000.00 of loan. The average cost of an owner\u2019s policy is $2.50 per $1,000.00 of purchase price. An Owner\u2019s title insurance premium cost is about half percent (0.5%) of the purchase price<\/strong> of the property and less than ten percent (10%) of the closing costs. The insured will pay a one-time premium at closing; there are no annual premiums or other amounts owed. A Loan Policy is effective for the life of the loan. An Owner\u2019s Policy, however, is effective as long as the owner or his\/her heirs retain an interest in the property or remain liable for any warranties on the title.<\/p>\n [\/et_pb_accordion_item][et_pb_accordion_item title=”What Is a Title Commitment?” _builder_version=”4.5.7″ _module_preset=”default” custom_margin=”||15px||false|false” global_colors_info=”{}” open=”off”]A title commitment is a report prepared prior to issuing a policy of title insurance that provides (i) the name of the proposed insured and the names of the current owner(s), (ii) the type of policy to be issued (owner\u2019s policy or lender policy), (iii) the legal description of the property to be insured, (iv) the amount of coverage, and (v) the title defects, liens and encumbrances which would be excluded from coverage if the requested title insurance policy were to be issued as of the date of the commitment. The parties to a real estate transaction and their agents may then review and consider the listed exceptions and seek the removal of objectionable items prior to closing.[\/et_pb_accordion_item][et_pb_accordion_item title=”When Will I Get My Check From My Title Company?” _builder_version=”4.14.8″ _module_preset=”default” custom_margin=”||15px||false|false” global_colors_info=”{}” toggle_level=”h4″ toggle_font=”||||||||” open=”off”]<\/p>\n Selling a house or helping someone buy or sell their home if you are a Realtor, can be an exciting time. One of the most common questions we get from Realtors and home sellers alike is \u201cwhen will I get my check?\u201d<\/p>\n This is understandable as there has been a lot of work and patience to get the transaction done. Plus, who doesn\u2019t like a payday!<\/p>\n WHEN WILL I GET PAID?<\/strong><\/p>\n We make every effort to pay all of the parties involved quickly, oftentimes the same day the transaction closes. However, this can vary based on the day or time of day the closing occurs. For example, most banks aren\u2019t open after 5 or 6 pm and are closed on weekends.<\/p>\n That said, here is when you can expect to be paid for your closing or your commission if you were part of helping a transaction become a done deal:<\/p>\n