Title Insurance protects you against losses due to defects in the title to the property and expenses in legal defense.
Your ownership is authenticated and will be promptly defended against any claims in court, if necessary at no cost to you, whether a claim is valid or not.
If a valid claim is made against your title as covered by your policy, the title insurer protects you by bearing the cost of settling the claim should it prove valid, in order to protect your title and keep you in possession of your property or mortgage.
A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller's right to transfer ownership, and to discover any claims, defects and other rights or encumbrances on the property.
The Florida Department of Insurance regulates the rates that title insurers can charge consumers.
The Florida Promulagated Rates for an owner's policy are as follows:
- $5.75 per $1,000 of value for the first $100,000.00
- $5.00 per $1,000 of value thereafter for purchase prices up to $1,000,000.00
Please contact us for rates for owners or mortgage policies above $1,000,000.00.
If the property that is being sold is improved property and the seller has owned this property three years or less and has a copy of their owner's policy, then the seller will be given re-issue credit up to the amount of his/her policy.
If the property that is being sold is unimproved property, or if the property is being refinanced there is no time limit; this credit will be given based on the value of the current owner's policy.
The Re-Issue Rates for an owners or mortgage policies are as follows:
- $3.30 per $1,000.00 of value for the first $100,000.00
- $3.00 per $1,000.00 of value thereafter for purchase prices up to $1,000,000.00
Yes, in Florida a married person can acquire (purchase) and convey (sell) property individually. However, Florida Law states that in the case of homestead property (primary residence), the spouse must join in the conveyance or mortgage, even if that spouse is not on the title to the property.
- Estoppel Reform Effective July 1, 2017
A Bill amending the requirements for estoppel certificates was signed into law on June 15, 2017. The revisions of the statutes for estoppel certificates and certificates will go into effect on July 1, 2017. The changes will create fee caps, provide title agents with a waiver for reimbursements, place timing guidelines, require consistent format and limit fees on bulk unit purchases.
Here are some of the highlights of the bill:
Fee cap of $250 for an estoppel certificate
$100 additional fee for expedited certificates (within 3 days)
$150 additional fee if account in delinquent status
Estoppel certificates are good for 30 days
Association must respond to estoppel request within 10 days or waive the right to charge any preparation fee
Established uniform requirements for estoppel certificates
If you have any questions about this new law, call one of our 7 attorneys on staff at Landmark Title!