TITLE INSURANCE-DO YOU KNOW WHY YOU NEED IT IN WELLINGTON FLORIDA?

TITLE INSURANCE-DO YOU KNOW WHY YOU NEED IT IN WELLINGTON FLORIDA?

If you are buying a home in Wellington Florida or anywhere else in Florida, you will see a charge for title insurance on your Settlement Statement. It is Florida Law that you must have Title insurance.

There are two types of Title insurance, and depending on which county you live in will depend on who pays for it. Each county is different, and of course, it is usually negotiable. The first type is the Owner’s title insurance, which protects the buyer; and the second type is the Lender’s title insurance, which protects the lender.

In Wellington Florida, or Palm Beach County, since the seller pays for Title insurance, then the seller gets to pick the Title company that will do the closing-we do not use attorneys to close real estate transactions, we use Title companies.

Title insurance makes sure there are no liens on the property you are about to purchase, so basically you are receiving the property free and clear of any encumbrances.

tax liens
city or county liens
mechanic liens

In Palm Beach County, it is customary for the seller to pay the Owner’s title insurance (also known as the mortgagor policy), in effect telling the buyers the title is clear. The policy is typically issued in the amount of the purchase price and remains in effect as long as the owners retain an interest in the property. The Owner’s policy will pay valid claims and all defense costs against attacks on the property.

The Lender’s policy assures the lender of the validity and enforceability of its lien (mortgage), serving as protection for the lender’s interest in the property. It is issued in the amount of the loan and is paid by the buyer at a minimum fee.

If you are a first-time home buyer, and have tons of questions, give me a call! I know my way around the closing table, and can get you all the answers you need to make your real estate transaction a simply and painless proce

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Visit my profile to find out more about my services. Call me today at 561.214.3216 or 561.753.0135. Contact me by email if you prefer at lisaschlitz@gmail.com. To view all the Wellington Fl Luxury Homes For Sale Click here and then click on Multiple Listing Search where the globe is on the right side of the screen that opens up. I know West Palm Beach and will help you find and purchase your new home.

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