What is title insurance? Title insurance is protection against loss arising from problems
connected to the title to your property.
Before you purchased the property, it may have gone through a multiple chain of
owners. There may be a “cloud” at any point in the chain that could emerge to
cause trouble. For example; an heir to the property may not have joined when
the title was transferred. Or there may be unpaid real estate taxes or other
liens. Title insurance covers the insured party for any claims and legal fees
that arise out of such problems. Title
insurance differs from other forms of insurance, as it insures against matters
of the past, and the premium is paid only once–at closing. The policy remains
in effect for as long as the insured or the insured’s heirs have an interest in
What kinds of title problems actually occur? There are a number of
things that could jeopardize your interest: it could be an unsatisfied
mortgage, lien, judgment or other recorded claim against the property. A problem could arise through
easements, use restrictions or other existing covenants. Or it could be a
hidden risk like forgery or fraud in the chain of title. Improperly executed deeds, the marital
status of previous owners, expired powers of attorney, improper legal process
in a foreclosure suit… the list goes on.
What should I expect at the closing? Please allow approximately one hour for
your closing appointment with us.
If you want to read the documents,
please ask us to provide a sample set to you ahead of time for review. Reading all of the documents will take
more than the allotted one hour.
The Closing Place, Inc. requires
closing instructions and documents from your Lender at least 24 hours in
advance of settlement. Please be
sure to meet all of your Lender’s conditions so that they can release the
closing documents to us.
Make sure your Lender has a copy of
your Hazard/Homeowners Insurance as early as possible in the process to help avoid
delays in the release of their closing package to us.
Please review your Hud-1 Settlement
Statement carefully once we are able to send it to you. We strive to have it ready to fax or
email to you at least 24 hours prior to closing.
Please bring/provide your picture
identification: driver’s license, military id or your passport with you.
We require your funds for closing electronically
transferred to our account (wire transferred). Our wiring
instructions are available upon request.
Why do you only accept wired funds? Due to the FAR BAR contract language requiring
COLLECTED FUNDS at closing (as stipulated in the Florida Administrative Code
690-186.08), as well as the epidemic number of fraudulent cashier's checks
circulating, we require all cash to close to be tendered in the form of a wire
transfer. Our wiring instructions are available upon request.
Do I need a survey?
If you are obtaining a
mortgage, your lender will require title coverage for any encroachments,
violations or boundary disputes that a survey would uncover. Your final survey will
show your boundary lines, the exact location of your home, easements that may
be located on your property, common areas you may abut, set-backs, any
encroachments (fences, roadways, swimming pools, outbuildings), fences and
roadways. We cannot offer title
coverage for these items without a Survey. In addition, any future construction that you perform on
your home, such as a new fence, swimming pool or other structure will require a
survey in order to pull a permit.
Most of the time we can use the Seller’s old survey, if it meets the