Boca Raton and Palm Beach County title insurance agent, Kristin Lettiere Coomber, P.A. explains the necessity of title insurance: The title to a home or business in Florida is essentially just as important as the structure, itself. Title insurance can protect you in the case of any unexpected ownership claims that may turn up after purchasing your property, keeping both your investment and money safe and secure.
What is a Title Examination and Search?
Whenever you buy property in Florida, your real estate agent will run a title examination and search. This is done to verify the ownership of the property in question. This procedure involves collecting and examining any public records pertaining to the property such as liens, wills, deeds and trusts.
These documents are used to make sure that the property has been properly and legally passed from one owner to another. During the examination and search, it will also be confirmed that any judgments or mortgages pertaining to the property have been taken care of and paid.
How a Title Insurance Agent Can Help You
In most cases, a title examination and search will come back okay. However, there are times when a problem may turn up. These problems, known as defects or clouds, can include such things as missing signatures or easements and need to be settled before you make your purchase final.
In some cases, ownership questions can result in legal battles. When this happens, you may need to pay costly legal fees and risk losing your property. This is when a title insurance agent comes in handy. Your title insurance policy will pay all of your legal fees, and if you do lose your property, it will reimburse you up to the amount of the title insurance policy a set policy limit.
Are All Title Insurance Policies the Same?
Just as with any other type of insurance, title insurance in Boca Raton or Palm Beach can include various exclusions. With that said, it is essential that you make sure you know what type of policy that your title insurance agent sells to you. In this way, you will know what is and is not covered.
For example, while some policies offer only limited coverage pertaining to easements, liens or mineral rights problems, some do not offer this coverage at all. Always consider what coverage you think you may need before purchasing a title insurance policy.
Is Title Insurance in Boca Raton and Palm Beach Required?
Most mortgage companies require for you to have some form of title insurance in Boca Raton and Palm Beach. This is because they have a large interest in the property and they do not want to lose money on their investment. If you choose to pay for your property outright though, it is your decision as to whether or not you want to purchase title insurance in Boca Raton or Palm Beach.
In some states, the purchaser of the home is responsible for purchasing title insurance. However, in Florida, the cost may be transferred the responsibility of the seller to the seller. Be sure to contact the law office of Kristin Lettiere Coomber, P.A. today and make an appointment to talk with our experienced attorneys and title agents about your needs.