Real estate buyers and sellers frequently ask us many of the same questions about title insurance as they prepare for a real estate transaction. Our attorneys make sure that key real estate concepts are thoroughly understood by all parties prior to the transaction taking place so that people are aware of their rights and obligations with respect to the law.
Lawyers from South Florida Law are some of South Florida’s most active real estate closing attorneys. In addition to being a full-service real estate law firm, South Florida Law is also a title insurance company providing title search and title insurance policies to buyers when a property is purchased. With offices in Hollywood, Hallandale and Coral Gables, the firm is licensed to provide real estate closing and title services throughout the state of Florida.
Real estate buyers and sellers frequently ask us many of the same questions as they prepare for a real estate transaction. Our attorneys make sure that key real estate concepts are thoroughly understood by all parties prior to the transaction taking place so that people are aware of their rights and obligations with respect to the law.
Below is a list of the 10 most frequently asked questions (FAQs) that we encounter related to title insurance along with the answers. Note that while these answers cover transactions in general, each individual party to a transaction faces a unique set of circumstances and thus needs individualized legal advice. If you are a party to a real estate transaction in Florida, it is recommended that you seek the legal advice of an experienced Florida real estate attorney prior to making any decisions that could expose you to risk.
Florida Title Insurance FAQs
- What is title insurance?
Title insurance is a type of insurance that protects against losses that may arise if there is an issue with the ownership of a property. It is typically purchased during the home buying process and is intended to protect the buyer and the lender from financial loss related to title defects.
- Is title insurance required in Florida?
While title insurance is not legally required in Florida, most lenders will require that a buyer purchase title insurance as a condition of getting a mortgage.
- How much does title insurance cost in Florida?
The cost of title insurance in Florida varies depending on the value of the property being purchased, but it typically ranges from 0.5% to 1% of the purchase price.
- What does title insurance cover in Florida?
Title insurance in Florida typically covers a range of issues related to the ownership of a property, including liens, encumbrances, defects in the title, and claims of ownership by other parties.
- Who pays for title insurance in Florida?
In Florida, the cost of title insurance is typically split between the buyer and the seller. However, this is negotiable, and the parties may agree to a different arrangement.
- How long does title insurance last in Florida?
Title insurance in Florida typically lasts as long as the owner or the lender has an interest in the property.
- What is a title search?
A title search is an examination of public records to determine the ownership history of a property and whether there are any liens, encumbrances or other issues that could expose the owner of the property to liability.
- Who performs a title search in Florida?
In Florida, a title search is typically performed by a title company or an attorney. South Florida Law is both a law firm and a title agency and can serve as both your title agent and closing attorney.
“A title search is an examination of public records to determine … whether … any liens, encumbrances or other issues … could expose the owner of the property to liability.”
- Can title insurance be transferred to a new owner in Florida?
No, title insurance cannot be transferred to a new owner in Florida. Each owner must purchase their own title insurance policy.
- What should I do if there is an issue with my title insurance in Florida?
If you discover an issue with your title insurance in Florida, you should contact your title company or attorney immediately to determine the best course of action. Depending on the issue, you may be entitled to compensation under your policy.
Click here to view additional FAQs related to real estate closings
The importance of an attorney
If you’re buying or selling a property, consider hiring a real estate lawyer as your title agent to ensure that your rights and interests are protected throughout the transaction. Hiring a real estate lawyer as your title agent has many advantages over using a title agency. A real estate lawyer can provide legal advice which a title agent cannot. This legal advice can include drafting and reviewing the purchase agreement, streamlining the purchasing process, and negotiating with the other parties in the transaction. It may also come as a surprise to many that using a real estate law firm as your title agent is often more cost-effective than using a title agency.
South Florida Law
South Florida Law is a full-service real estate closing law firm that can support both residential and commercial closings. In addition to being a closing attorney, South Florida Law is also a title insurance agency. This makes South Florida Law a one-stop shop for all of your real estate transaction needs — including title insurance.
South Florida Law, specializes in conducting title searches on the part of buyers and lenders to ensure the smoothest transaction possible.
Our attorneys have years of experience in handling real estate closing-related matters to facilitate successful real estate transactions. Having our attorneys at your side in a residential or commercial property transaction gives you the advantage of proactive legal protection.
If you are looking for a real estate closing attorney or a title insurance agency, call us today at (954) 900-8885 or reach out to us via our contact form.