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Title Insurance Policies for New Homeowners in Florida

Title Insurance Policies for New Homeowners in Florida

Once the process of buying a property is finished, you cannot turn back. For better or for worse. The hypothetical benefits of making homeownership are obvious, but many do not discuss about what can turn in something harmful. That is why, as a new homeowner in Florida, it is necessary to follow the correct steps in the purchase, to achieve a clean transaction. The best way to avoid financial risks is with a good real estate insurance.

The seller provides to the new homeowner in Florida a clean and marketable title if there are no liens, judgments, or other defects attached to the title which may allow a third-party to claim legal rights to a portion of it. If any such defects exist, they must be addressed before the title changes hands. Otherwise, you will be legally responsible for compensating all third parties for what they are owed. In order to be certain that you are receiving a clean title, you will want to purchase title insurance.

What is Title Insurance?

Title insurance provides the new homeowner in Florida with protection against financial loss caused by problems connected to the title of the property being purchased. Throughout the history of the property you are purchasing, there may have been many opportunities for a problematic issue to have developed which would compromise the title’s status as clean and marketable. Title insurance will prevent to the new homeowner in Florida from being financially responsible for compensating all third parties who have a rightful claim to your title.

When you contact a title company about purchasing insurance, they will first research the history of the property’s title. They will review public records to identify:

  • Unsatisfied liens against the property
  • Claims of third parties, such as heirs or ex-spouses
  • Judgments against the seller’s assets
  • Improperly recorded deeds or mortgages
  • Missing or incorrect information in courthouse records
  • Unpaid taxes
  • Easements

The title company will generate a report listing any defects which need to be resolved before the title can be considered clean and marketable. At this point, the seller will be made aware of these defects. If they are minor, you, as a new homeowner in Florida, will most likely be able to move forward with the purchase once the seller has taken appropriate action. However, if the defects are more serious in nature, you may want to reconsider the purchase of the property.

Do I Need a Title Insurance Lawyer?

The details involved in the inspection of a property’s title are highly complex, and sometimes a new homeowner in Florida will need the assistance of an experienced real estate lawyer to make sure that your purchase goes smoothly. An experienced real estate attorney with knowledge of state title insurance laws will be able to help you take the proper steps to ensure the marketability of your new title. Your lawyer will work with the seller’s attorney to make sure that all defects are resolved before the purchase is finalized.

A good title insurance lawyer will:

  • Prepare all contracts related to the purchase of the property
  • Resolve all title or inspection issues
  • Examine the title insurance policy to make sure you are properly protected
  • Advise you of legal remedies if an unexpected title dispute arises
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