Have an Attorney Write Your Title Insurance When Buying a Home
If you are interested in buying a home, contact the experienced Florida residential real estate attorneys of the Law Offices of Larry E. Bray, P.A. We have decades of experience in helping buyers get the best deal. We are here to perform title searches, underwrite your title insurance, negotiate the home sale contract, and represent you during close. Call us today to learn more.
What is Title Insurance?
Title insurance is a type of insurance policy that protects you as a homebuyer and/or the lender against the loss of ownership of the home because of any legal defects in the title. When a clean title is transferred to you correctly, you own the property free and clear. However, if the title for the property is incorrect or not transferred and recorded properly, you might not end up owning the home like you think after closing. There may be someone else from the past that has a legal claim on the property. They may show up and want to enforce that claim. If this happens, your title insurance protects you from the potential financial damages.
Lender’s versus Owner’s Title Insurance
There are two main types of title insurance policies: for the mortgage lender and for the homeowner. A lender’s title insurance policy protects the mortgage lender who is giving you a great deal of money to buy the property. If the property is not actually transferred to you or another party claims legal ownership, the lender’s policy protects it from financial loss. You can also obtain an owner’s title insurance policy, which protects your financial interests in a defective title situation. There may also be situations in which a lender and owner’s insurance policy is wrapped into one.
The Title Insurance Process
To obtain title insurance there must first be an exhaustive search of public records in regard to the property’s history. Your attorney can run the title search for you to look for:
- Recording mistakes
- Clerical errors
- Omissions within deeds
If your attorney finds a defect in the home’s title, it is up to the seller to correct these issues before he or she can sell the property to you.
Once your attorney has performed a title search and it has either come up clean or the seller corrects any issues, then you can move forward with obtaining a policy and purchasing the home. Few attorneys are able to provide title insurance policies for individuals and businesses. Through Attorneys’ Title Insurance Fund Services, the Law Offices of Larry E. Bray, P.A. can underwrite your title insurance policy. This enables you to work with one attorney throughout the entire home buying process and not involve a separate title company.
Call Our West Palm Beach Real Estate Attorneys Today
If you are buying a home in West Palm Beach, call the Law Offices of Larry E. Bray, P.A. at 561-571-8970 to discuss your needs. Having a title search done for a home is standard practice. However, we go above and beyond by offering title insurance services, enabling you to work directly with your owner’s lawyer instead of a separate title company.