A) Title insurance insures your rights and title to the property you are purchasing. It ensures that you have ‘marketable’ title. A title insurance commitment and subsequently, a policy is issued to the ‘insured’.

A) Generally, you need title insurance to guarantee to you that there are no liens or encumbrances on the property you are purchasing. It insures you against loss or damage from defects of title to the property or loss of the property due to existing liens at the time of insuring.

A) New Way Title Corp. will charge the least amount allowable by the State of Florida for title insurance premiums. On a typical $125,000.transaction, the title charges would be:
Title Insurance Premium…$700.00
Closing/Settlement Fee…$150.00 – $250.00
Search Fee (est.)…$200.00
Title Exam Fee…$150.00
If you are obtaining a mortgage, your lender will have specific title insurance requirements.

A) Your contract dictates who will pay for the title insurance and other related fees.

A) Yes, it is a one-time charge. The insurance is good for as long as you own the property. If you choose to re-finance your property, your new lender will require that a new title insurance policy be issued to insure them. (Many times this can be done with ‘re-issue rates’, a substantial savings.)

A) Usually the title company holds the closing in its office and it is handled by a ‘closing agent’. Many closings are also conducted as ‘mail-aways’, and are handled via overnight courier.

A) The title company coordinates the sales contract and the lenders information and tries to have ‘bottom line’ figures for you five days in advance of your closing. Keep in mind, the Title Company can not total all figures until the lender supplies their charges. Your cashier’s check should be payable to the title insurance agent.

A) It is always a good idea to have an attorney represent your interest. No, it is not required, but a title insurance representative cannot give legal advice. A real estate attorney is on staff to assist in resolving legal issues.