Shane Smith

The major players in the Title Insurance Market all have offices in South Florida. This is because South Florida’s climate and businesses have attracted a number of settlers and real estate investors. First American Title Company, Fidelity National Title Insurance, LandAmerica, Stewart Title Company and Old Republic Title Insurance Company underwrite title insurance through agents and title search companies in South Florida. Smaller companies are A-1 Title and Escrow Co, Absolute Abstracting Co of South Florida, and Choice Title Co of South Florida.

Title Companies in Florida often work hard to differentiate themselves from their competitors. Features to check for when finding a title company, include: online closings, accurate information about fees and rates prior to closing, and extended hours. Of course, the calibre of the policy issued is paramount to the transaction. Deal only with reputable title providers. In the case of a purchase, title is chosen by the buyer. For a refinance, title can be chosen by the lender.

IMPORTANCE OF CLEAR TITLE

Title to real property in South Florida generally transfers through a General Guarantee deed. While the study of the deed may give the impression of ownership safety, when a claim arises, the seller may not be in a position to back the guarantee. Sometimes the whereabouts of the seller may not be traceable. It is at this time that title insurance comes into play and the title insurance company will pay for any legal defense costs to defend the owner’s title against false fraudulent or claims prefabricated due to ignorance. Title Insurance Companies will settle successful claims. Legal fees for defending title are charged in proportion to the property value and in a place like South Florida are exorbitant.

TITLE RESEARCH

The Title Company conducts a search using its own staff or specialized title search companies in South Florida. Search is conducted in the hall of deeds and court offices. The search is undertaken by the company to discover incorrect study indexes, incorrect marital position in records, fraud, forgery, defective deeds signed by minors, people of unsound mind or under duress. Title transferred by a legal non entity like a church, club or charity is void. Title transferred by a foreigner who is incompetent to transfer by the laws of his or her country is a void transaction. Defects in title may be the result of a mistake or errors in procedure. Liens and Easements not known or undisclosed by the seller can encumber title. The result of the search is either remediable or the purchaser can achievement away from the sale. If the purchaser insists on purchasing the property despite title defects revealed by the search the title company will issue an policy excluding claims arising out of the known title defects.

REGULATION IN FLORIDA

Title Insurance Companies in South Florida are regulated by the Florida Department of Insurance. The department regulates the rates and adjudicates complaints. If a purchaser wishes to purchase a property in Florida it is unlikely that he or she will get a loan without Title Insurance. For all intents and purposes of a real estate transaction, title insurance is vital.

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