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What is Title Insurance?

Like car insurance, which protects you against losses from a car crash, Title Insurance protects the title (or ownership rights) to your property against unknown defects that cannot or will not be identified through a title search. Unlike car insurance, there are no annual payments to keep your title insurance policy in force.  The premium is paid for once, at the time of the property purchase.  Wouldn't it be nice if everything worked that way? 

What is a Title Search?

When you are buying property, you should realize that over the years many laws have been enacted that give the property owner (as well as heirs and worse... creditors) extremely strong rights.  This is why, before you buy property, Priority Title of Florida conducts a title search of all the public records associated with the property you are purchasing, to assure you that it is free and clear of any ownership claims such as unpaid taxes or mortgages, liens, judgments against previous owners, easements or other court actions, or recorded documents which affect title (legal ownership) to the property. 

How does Title Insurance Protect You?

 If the title (your ownership) of your property is threatened by forgery, confusion due to similar names, errors in the records etc. - Your Title Insurance entitles you to the cost of defending your title in court and the settlement of any claims that may result. 

How does Title Insurance differ from an Attorney's Opinion?

An "Attorney's Opinion" is an assurance as to the condition of title made by a licensed attorney.  This evidence of title, as with the abstract of title, is not a Title Insurance product and is subject to additional limitations.  The opinion covers neither hidden defects in title nor forgery and fraud.  Liability related to attorney opinions involves suits against the preparing attorney in negligence.  Recovery on a loss may be compounded by the availability of the attorney and the financial ability to pay judgments obtained against the attorney. 

What is the Role and Responsibility of the Closing Agent?

When an order is placed, Priority Title of Florida, acting as your closing agent, coordinating the activity and documentation from a variety of participants, pulling each piece of this complex transaction together:From a Realtor® - Priority Title of Florida asks for a copy of the sales contract, original termite inspection, names of gas, certification and home warranty companies, lenders and payoff information (if available), the new homeowner's insurance agent and much, much more.

From the Lender - Priority Title of Florida asks for the complete loan package and closing instructions, including all requirements for proper disbursement of funds.

From the Local Government - Priority Title of Florida ensures that all local and state regulations are met as well as Deed Restrictions for each community.With all the additional information that these participants provide, Priority Title of Florida prepares the mortgage, settlement statement, various notes, affidavits, riders, loan documents, etc., as needed.  Additionally, all disbursement checks for the transaction are prepared and distributed by Priority Title, acting as the escrow agent. 

What happens DURING the Closing?

At the closing, when your Priority Title of Florida Closing Officer meets with the buyer (or borrower) and their representatives, they still have a great deal of work to do, acting as the escrow agent.  Priority Title finalizes the deposits, wire transfers and the checks.  All documents are signed by the appropriate parties and photocopies of the documents are made, returning originals and photocopies to the proper parties.  The buyers receive the title insurance commitment, if applicable, and copies of all the signed documents, including lender's documents, affidavits, etc. 

What happens AFTER the Closing?

If customers can’t find it, it doesn’t exist. Clearly list and describe the services you offer. Also, be sure to showcase a premium service. Priority Title of Florida records the deed and the mortgage at the courthouse (returning the original recorded deed to the new owner and the mortgage to the lender), and prepares the owner's and lender's title policies.

Following the recording of the deed and mortgage, the buyer will receive (via the mail) the original recorded deed and the original title insurance policy, if applicable. It is wise to keep all of these documents in a safe place.