What does the term “title” mean?
The term “Title” is your actual ownership of real property. There are also several different types of deeds and methods of taking Title, which determine your rights in the event of a defect in your ownership or if one of the owners of your real property dies. For these reasons, you should always contact an experienced attorney in your state, prior to your closing or real estate transaction, to discuss your options. Stachel Law’s attorneys can assist you with these matters.
What is title insurance?
Title Insurance is an insurance policy which protects the insured from any loss covered under the policy. Examples of matters for which a general Title Insurance Policy will provide coverage are:
- Improper recording of deed (e.g., deed recorded in the wrong county or not properly indexed by court clerk)
- Forgeries on any documents affecting title to real property
- Prior recorded liens and/or encumbrances (e.g., mortgage, judgment)
- Probate issues
- Lack of capacity of any party (e.g., one party is a minor and lacked legal capacity to consent to the conveyance or one party lacks the mental capacity for any reason to consent to a conveyance)
- Any prior deed in which a necessary party did not join in the conveyance (e.g., spouse, partner/officer in a corporation or limited liability company, heirs/beneficiaries)
- Recorded easements or use restrictions
- Defective legal description
- Survey issues
- Lack of access/right of way to real property
A title search was performed, so do I need title insurance?
Yes, you do need Title Insurance. Your home is likely the most important and expensive purchase you will ever make and not all matters affecting title to your real property are revealed or covered in the Title Search.
What do I do if I have a title issue?
Contact Stachel Law immediately. Our office handles the preparation and submission of title claims, as well as title curative matters for property owners who do not have Title Insurance.
How much does title insurance cost?
The cost of Title Insurance is determined based on the purchase price of your home. In Florida, the cost for a Title Insurance Policy is $5.75 per $1,000 for real property purchase prices up to $100,000 (e.g., a standard title policy cost for a $100,000 real property purchase would be $575). For real property purchase prices over $100,000, the cost is $5.00 per every $1,000 (e.g., a standard title policy cost for a $200,000 real property purchase would be $1,075).
Please contact Stachel Law at 754-223-1125 . for a quote for the costs associated with your specific property and to determine whether you are eligible for a “reissue” discount for your title policy.
Does my lender’s title insurance policy protect my interests?
A lenders Title Insurance Policy protects the lender, not the real property owner. Your lender will typically provide you with a disclosure at your closing that states the lender is getting a lenders title policy, but that it does not provide you, as the home owner, with any coverage.
Do I need an attorney to represent me to purchase real estate?
Some states do require an attorney to represent each party with respect to a real estate transaction; however, regardless of whether state law requires it, it is in each party’s interest to be represented by a competent Real Estate Attorney or Title Attorney. For most people, this is the most important and expensive purchase one will make, and the benefit of adequate representation far outweighs the cost involved. Most importantly, it is always cheaper to take proactive steps to ensure your real estate transaction is completed correctly, than it is to hire an attorney to cure title issues created or missed at your closing.
Is it more expensive to hire a title attorney than a licensed title agent to close my real estate transaction?
Generally, no, the costs and fees involved are comparable; however, a licensed title agent cannot practice law and cannot give legal advice. As such, it is beneficial to hire an attorney for your closing to ensure any matters that require the assistance of an attorney are addressed and to avoid potentially paying a closing agent’s fees and an attorney’s fees.
What is Homestead?
In Florida, a Homestead Tax Exemption is an ad valorem tax exemption, which reduces the taxable value of real property. Stachel Law can assist you determining whether your real property qualifies for this, as well as other exemptions, and filing for this exemption, in Florida.