Florida Title Insurance FAQ
What does the term “Title” mean?The term “Title” is your actual ownership of real property. There are also several different types of deeds and methods of taking Title, which determine your rights in the event of a defect in your ownership or if one of the owners of your real property dies. For these reasons, you should always contact an experienced attorney in your state, prior to your closing or real estate transaction, to discuss your options. Stachel Law’s attorneys can assist you with these matters.
What is Title Insurance?Title Insurance is an insurance policy which protects the insured from any loss covered under the policy. Examples of matters for which a general Title Insurance Policy will provide coverage are:
• Improper recording of deed (e.g., deed recorded in the wrong county or not properly indexed by court clerk)
• Forgeries on any documents affecting title to real property
• Prior recorded liens and/or encumbrances (e.g., mortgage, judgment)
• Probate issues
• Lack of capacity of any party (e.g., one party is a minor and lacked legal capacity to consent to the conveyance or one party lacks the mental capacity for any reason to consent to a conveyance)
• Any prior deed in which a necessary party did not join in the conveyance (e.g., spouse, partner/officer in a corporation or limited liability company, heirs/beneficiaries)
• Recorded easements or use restrictions
• Defective legal description
• Survey issues
• Lack of access/right of way to real property
A Title Search was performed, so Do I need Title Insurance?Yes, you do need Title Insurance. Your home is likely the most important and expensive purchase you will ever make and not all matters affecting title to your real property are revealed or covered in the Title Search.
What do I do if I have a Title issue?Contact Stachel Law immediately. Our office handles the preparation and submission of title claims, as well as title curative matters for property owners who do not have Title Insurance.
How much does Title Insurance cost?The cost of Title Insurance is determined based on the purchase price of your home. In Florida, the cost for a Title Insurance Policy is $5.75 per $1,000 for real property purchase prices up to $100,000 (e.g., a standard title policy cost for a $100,000 real property purchase would be $575). For real property purchase prices over $100,000, the cost is $5.00 per every $1,000 (e.g., a standard title policy cost for a $200,000 real property purchase would be $1,075).
Please contact Stachel Law at 754-223-1125 for a quote for the costs associated with your specific property and to determine whether you are eligible for a “reissue” discount for your title policy.