FAQ

WHAT IS MARKETABLE TITLE?

When someone has “marketable title” to their property it means that upon a purchase or mortgage closing the property will be free and clear of any and all known title defects.

HOW DOES TITLE INSURANCE PROTECT ME?

Probably the most important thing title insurance does for you is to ensure that before you close on a purchase either a title insurance underwriter or agent has made a comprehensive review of property and lien records. Any defects discovered are typically the seller’s obligation to resolve.
When you purchase title insurance, or have it purchased for you, such defects are disclosed in what is known as a “Title Insurance Commitment”.
If, despite all of the research that precedes the issuance of a Title Insurance Policy, a claim is made against the title to the insured property, the insurance company will provide a defense against the claim and pay awards upon the claim up to the amount of the policy.

WHAT ARE EXAMPLES OF TITLE DEFECTS?

There are the obvious ones such as mortgages and other monetary liens (i.e., association liens, governmental liens, etc.) filed against the property, which are searchable in the local property records database, many of which are available online. Title insurance flushes out such liens and ensures that the seller satisfies them out of the closing proceeds.
Then there are the not so obvious or hidden defects, which is really what Title Insurance protects against. Imagine a long lost relative or past owner coming out of the woodwork with a claim to the property superior to yours. Or, what about a seller who fraudulently covers up the fact that they don’t really have good title to the property you are about to purchase from them? Then there are situations involving improper execution or recording of documents and forgeries? The list goes on and on.

WHY DO I HAVE TO BUY MY MORTGAGE LENDER A TITLE INSURANCE POLICY?

All institutional and most private mortgage lenders require protection against possible claims and loss due to a title defect. Essentially, you cannot get a mortgage loan without a requirement to purchase the lender a Title Insurance Policy.

HOW CAN I CALCULATE MY FLORIDA TITLE INSURANCE POLICY COST:
Simply as follows:

Purchase or Mortgage Amount Premium*		Premium*
Up to $100,000	the premium is	$5.75 per $1,000.
From $100,000 to $1,000,000	the premium is	$5.00 per $1,000.
From $1,000,000 to $5,000,000	the premium is	$2.50 per $1,000.
From $5,000,000 to 10,000,000	the premium is	$2.25 per $1,000.
Over $10,000,000	the premium is	$2.00 per $1,000.

*To Download an excellent free calculator go to http://www.moffsoft.com/freecalc.htm

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