First time buyers often inquire about title insurance, what it is, and and if it is necessary. Lenders title insurance is required with most mortgages, however, owners title insurance is typically optional. Buyers should assess the facts and decide for themselves on whether the expense is worthwhile given the costs and benefits. Below are Singer Island FL title insurance details.
Why Title Insurance is Necessary Even After a Title Search
Before closing, a title search is typically completed by a closing attorney. This determines that no other party has a lien on the property (based on records on file) and that the title is clear to be transferred to a new owner. The title search is not guaranteed and does not always catch issues with the title. Title insurance will protect you against un-caught title problems and the legal fees associated with defending your rights to home.
Title Insurance Extent of Coverage
Title insurance is a single charge at closing that will remain valid for the entire time that you remain owner of the home. You can purchase it after closing, but it is ordinarily less costly when bought at closing. The fee is based on the amount of the mortgage.
Singer Island FL Title Insurance Details and Coverage
Title insurance typical coverage includes…
- Fraud related to the execution of documents.
- Undue influence on a grantor or executor (of a will).
- Impersonation by those claiming to be owners of a home.
- Erroneous marital status of a seller.
- Mental Incapacity of parties involved.
- Participation by a under-aged party.
- Non-delivery of deeds.
- Unresolved claims not displayed onthe records.
- Incorrect indexing at Registry of Deeds.
- Clerical mistakes in recording legal documentation.
- Delivery of deeds after the passing of a seller.
- Transfers executed under incorrect powers of attorney.
Some policies additionally cover…
- undisclosed heirs.
- Wills not properly probated.
- Incorrect execution of wills.
- Additional heirs after the date of a will.
- Incorrect property surveys.
- Inaccurate legal descriptions.
- Confusion fomr similar names.
The above facts are merely an overview. Consult a local title company for current Singer Island FL title insurance details and pricing, as they commonly differ based on the provider.