FLORIDA REAL ESTATE TITLE INSURANCE
When it comes to purchasing real estate in St. Augustine, Florida, and surrounding areas, one of the most important steps in the process is obtaining title insurance. At Old City Law, our Real Estate Attorneys can help explain what title insurance is, why it's necessary in Florida, and what you need to know before purchasing a policy.
What is Title Insurance?
Title insurance is a type of insurance that protects the buyer (and lender, if applicable) from any losses or damages resulting from problems with the title regarding real estate. This can include issues such as easements, encroachments, undisclosed liens, disputes over ownership, previous errors in the public record or other adverse circumstances.
Why is Title Insurance Necessary in Florida?
In Florida, the title insurance industry is heavily regulated, which means that it is in the best interest of buyers to protect themselves with a title insurance policy. Additionally, St. Augustine real estate consists of a large number of older homes and properties, many of which have gone through multiple owners and transfers over the years. This means that there is a greater chance that title issues could arise, making title insurance even more important.
What You Need to Know Before Purchasing Title Insurance
Who pays for title insurance? Typically, in north east Florida the Seller pays for the owner’s title insurance policy at closing, although it is possible for the buyer to pay for it as well.
How much does title insurance cost? The cost of title insurance varies depending on the purchase price of the property and the type of policy endorsements you choose. For more information and a free quote, call one of our knowledgeable real estate attorneys.
How long does title insurance last? Title insurance lasts as long as you or your heirs have an interest in the property. This means that if you sell the property, the new owner will need to purchase a new title insurance policy.
In conclusion, title insurance is an important investment for any property owner in Florida. It offers a peace of mind by protecting you against potential title issues and helps to ensure a smooth and successful real estate transaction. If you're considering purchasing real estate in St. Augustine, make sure to contact our real estate attorneys at Old City Law to learn more about your options and find the best policy for your needs.