Title insurance protects homeowners and mortgage lenders from liabilities stemming from issues and errors in title. When you purchase title insurance, two things must happen. First, an attorney or title company needs to perform a thorough public records search to ensure that there are no issues with the deed that could impede your claim of clean ownership. Issues can include undisclosed heirs that could make a claim to the property, unpaid taxes connected to the property, lawsuits against the property that could impact its value, clerical errors with the title, fraud, or any other issues. A real estate attorney like one employed by Legal Counsel, P.A. can perform this type of search and identify potential errors. Even after a thorough search is performed, you’ll still want to protect yourself from issues that can arise. So, after a title search is conducted, your real estate attorney or title company can then contact underwriters to issue an insurance policy to protect you should other issues arise that could impact your ownership of the property. When you purchase a home, you should have two policies in place, a policy to protect you should an issue with the title come up, and a policy to protect your lender should there be an issue with the title.

What are some issues you might want to be aware of when purchasing title insurance or hiring someone to perform your title search? Why is it important to do your due diligence at this stage of the home buying process? How can Legal Counsel, P.A., a real estate law firm in Orlando, Florida help you? Read on to learn more.

Choosing the Right Title Search Provider

When purchasing a home or property in Orlando, Florida, you get to choose the title company you use. Why is it important to do your research before selecting a title search company or attorney? First of all, you may want to think twice before using the same title search company the seller used. Why? This title search company may perform a very similar search that they performed for the seller for you, which might not result in any new discoveries during a title search. Choosing a new title search provider allows your deed to be viewed through a pair of fresh eyes.

Your real estate agent or lender might refer you to certain title companies or providers. Before choosing these providers, do your research. Why are these providers being recommended? Does your real estate agent or lender get a commission for recommending these providers or does the provider have a good reputation in your community? Finally, some title search companies specialize in searches for residential real estate and these companies might not be the best choice for those who are purchasing commercial property, land, or other types of real estate. Before selecting a title search provider, take the time to ask questions about the types of title searches the company typically handles.

If you are in the process of selecting a title search provider and title insurance company, consider reaching out to Legal Counsel, P.A., a real estate law firm in Orlando, Florida today. We can answer your questions and can perform your title search. Our firm may be able to assist you with a range of title search types, including title searches for commercial real estate and more complex transactions.

What are Hidden Hazards that a Title Search Might not Reveal?

Your title search provider may provide a thorough search, but there might also be hidden hazards that a title search might not reveal. Certain types of errors or confusions around names could potentially create issues. If the seller had a spouse who has claim to the property, but didn’t clarify this, a spouse could potentially come forward with a claim to the property in the future. Other issues like fraud, clerical errors, or a seller who isn’t of sound mind to sell can cloud a title.

Title insurance protects you from these errors. If a person comes forth with a claim to your property, title insurance can protect you from these claims. Florida sets the rates for title insurance premiums at $5.75 per thousand dollars of your real estate purchase price. So a home purchase of a hundred thousand dollars will cost you $575 in title insurance. Because these rates are fixed, what differs in price will be the cost of the title search. Like anything, you get what you pay for, and when it comes to searching the history of your deed, a thorough search is important.

Looking for a title search provider in Orlando, Florida? Legal Counsel, P.A. is a real estate law firm in Orlando, Florida that can assist you with your title search and with the purchase of title insurance. Making a complex real estate purchase or a real estate purchase for commercial property? Contact the real estate lawyers at Legal Counsel, P.A. in Orlando, Florida today. Have questions?  We have answers. Contact Legal Counsel, P.A. today at 407-092-4321.

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