Q: What is title insurance?

A: The owner's title insurance protects purchasers of real estate against title defects that may exist against the property. The lender’s title insurance insures the lender as to the priority of its lien, meaning there are no other mortgages, liens or judgments recorded prior to their mortgage. 

Q: What are title defects?

A. Judgments, unsatisfied mortgages, missing heirs, forgeries, unpaid taxes, etc. A thorough search of public records can uncover these and other potential title problems.

Q. Who pays for the title insurance?

A. Local customs and county laws in which the property is located determine who pays for title insurance and closing costs, although it is negotiable between the parties involved in the purchasing transaction. These fees are commonly addressed in the sales contract and property purchasing agreement. 

Q: How long does it take to close?

A: The time required to close is dependent on the buyer, seller and realtor, but it is possible to close in 24 hours on some settlements. The process can be expedited by providing all necessary documents to Florida Titlesmith.

Q: What documents and information do I need to provide to Florida Titlesmith?

A:

-Complete sales contract

-Existing mortgage information

-Homeowner or Condominium Association contact information

-Contact information for all involved and the existing owner's title insurance policy (Buyer, seller, real estate agent)

Q: What do I need for the closing?

A: Two forms of identification are required for all parties: a valid state or government issued photo ID, and one other form of identification. Your lender may also require additional items to be brought to closing. Any payment due at closing must be sent by wire transfer.

Q: Do I really need to be at the closing?

A: We recommend it, but it’s not necessary. We can have your documents sent to you by courier or email for your signature and to be notarized. We’ll need 10 days notice in order to arrange for this service.  

Contact John Henderson at 407-850-2008 with any questions.