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TitleInsurance in SWFL

Many people choose to retire to Southwest Florida for its beautiful beaches and senior-friendly amenities. Warm weather and less crowded shores than the state’s East Coast make Ft. Myers, Naples and Cape Coral attractive prospects for retirees looking to buy a dream home for their golden years. When buying a retirement home in Southwest Florida, one of the many things to consider is what type of title insurance to purchase to avoid any questions of ownership that could overshadow a happy retirement.

Why You Need Title Services

Title Services in SWFLTitle insurance protects the buyer and lender from any doubts as to the seller’s free and clear ownership of the property. Once title is cleared, there is no doubt that ownership can be legally transferred to the buyer.

Here are some of the issues that can challenge your ownership if a title services search isn’t made.

  • Unpaid past mortgages and liens
  • Easements that impact property boundaries or transfer of title
  • Pending litigation against the owner

Most of the premium covers the cost of the search, but a portion of it go to protect you from losing your money if something comes up that wasn’t uncovered in the title search.

Types of Policies

Before acquiring title services for your retirement home in Southwest Florida, it’s important to understand what’s covered in each type of policy.

  • Lenders Title Insurance. Lenders title insurance covers situations where you lose your home to an unknown lien. This policy only pays off the remainder of your mortgage.
  • Owners Title Insurance. This policy covers the purchase price of the property. If you wish to cover inflation, you’ll need an enhanced policy or inflation rider, which covers any liens filed after the closing date.

How Does It Work?

There’s a one-time fee, unlike other insurance policies. It’s rare that the title company has to pay out a claim, since they spend a lot of time researching whether any skeletons will fall out of the closet after you purchase your home. It’s in the title company’s best interest to protect you and themselves from liens and other ownership disputes against any former owners.

Also unlike other insurance policies, your title services include an active role in protecting your interests. During the escrow phase of your purchase, the title insurance company searches through public records to ensure that no one else has a viable claim to your property. The title company scours through wills, deeds and trusts to trace the history of the home back as far as possible.

Back to More Important Things

Protecting yourself with title insurance makes sense. It’s worthwhile to find out as much as you can about the history of your retirement home is Southwest Florida. Choose a title company with a proven track record in the area and with the appropriate experience in title searches and challenges. That way, you can get back to more important things, like margaritas on the beach and salsa lessons.

Why You Need Title Insurance

Few people understand the hidden costs that come with owning a home as well as ensuring that they secure their home in case of any eventualities in the future. Many home buyers learn the hard way when it comes to matters concerning real estate. Title insurance ensures that you remain free of any anxieties related to home ownership. Title insurance purpose to protect you when purchasing and selling your home. Through our title research, we will help you review all the documents associated with home ownership. We will analyze the transactions, identify, and uncover the hidden financial errors. Ensuring you have a title policy is, therefore, our primary concern, as it ensures that you are relieved of the financial nightmares. Among the nightmares title insurance can protect you from include:

1. Invalid claims of land ownership.

Why You Need Title InsuranceTitle insurance purpose to protect you from unreliable deeds relating to property titles transfer witnessed among homeowners assumed to be mentally challenged or suffering from other terminal conditions. It ensures that you do not fall a victim of fraud incidents. The title insurance company will fight for your legal rights as a home buyer while strictly adhering to the terms of the homeownership policy. However, in cases where the claims against you prove valid, title insurance will reimburse you the losses suffered.

2. Judgments and liens

Title insurance protects you from claims, judgments, as well as other forms of accruing debts that may be imposed on you after closing the deal. Title services will provide you with two types of policies that will cover you from both the lender and yourself. Also, the title insurance aims to reimburse you for any losses attributed to title-related incidents that manifested before the purchase was made.

3. Hidden mortgages

Title insurance services will pay off any of your outstanding mortgages. Similar to liens, title search ensures that the closing of the sale is done most efficiently as a home buyer. It will give you a clear title at the closing of the deal.

4. Errors Witnessed in Public Records

A clerical error negatively impacts any home buying process which may, in turn, result in enormous financial losses. Title insurance services help you determine whether the actual cost of the property bought or that is yet to be purchased is less than what is recorded. Our title search will ensure that possible errors involved are identified. These will ensure that the mortgage company approves your home loan swiftly and efficiently. Title insurance provides that a home may sell at a lesser price than what was stated thus reducing the buying price of a home. Title insurance is the only sure way to which you are assured of investment security when dealing with real estate matters.

Conclusion

Title insurance gives you the most reliable insurance coverage. Getting a title policy helps you get rid of your nightmares regarding homeownership. Our impressive records of success are attributed to our expertise that always purposes to put your interest at heart, giving you the right to claim what rightfully belongs to you. Give us a call today and experience the unique service offered by title insurance. We offer you the best strategy that safeguards your desires to own a home. Let us help you secure that dream home!!

Do I need Title Insurance

When you buy a home, there are a lot of fees and costs associated with the purchase – it’s not as simple as just writing a check from your mortgage lender to the seller. One of the costs you’ll see as you approach the closing process is Title Insurance. Unique to home ownership, title insurance is an extra layer of protection for the buyer. While there are a few that recommend saving the money, choosing to purchase title insurance is a smart move and one that you should not skip.

What is Title Insurance?

Do I need Title InsuranceTitle insurance protects you, the buyer, from losing your investment (the down payment and the loan for your new house) in case there are any liens or defects with the house title. Although the real estate company and your mortgage lender will run title searches, sometimes things are missed. When you purchase title insurance, is the house title is fraudulent, or if there are charges taken out against the house.

For instance, of the previous homeowner had some remodeling or repairs done on the house, and didn’t fully pay the contractor, the contractor will take out a lien on the house. This is a judgment of fees owed to the contractor, that must be settled before the title can change hands. Basically, it forces the potential seller to pay their debts before they can sell the property. If the seller owes back taxes on the property, then a tax lien will be taken out on the property. The same thing applies – in order for the seller to complete the closing transaction, the tax fees must be paid.

Title Insurance ensures that the title insurance company, not you the buyer, will be responsible for settling these debts. Typically, title companies require the seller to settle these debts prior to closing, so that the title is free and clear.

Why should a buyer purchase title insurance?

Mortgage lenders are required by law to have title insurance for the homes that they approve loans. A buyer may choose to purchase their own separate insurance. So, if the lender already has the insurance, what are the advantages of a buyer purchasing their own policy?

  • If there is an issue before or after closing with the home, you are personally protected from prior liens. The title company will be responsible for taking care of the debts.
  • If there are errors or fraudulent aspects to the title, or if it hasn’t been properly reported to public records, then you are protected.
  • If the previous owners’ heirs show up and lodge a claim against the property, you, the buyer, are protected.

There is also an extended coverage option, which covers building permit violations, or structural damage. It also protects against zoning issues and incorrect survey. If a lawsuit is filed due to these, the extended coverage covers your down payment, and principal payments you’ve made, and any additional work or improvements you’ve made on the property.

If you have doubts about the security of your home title, especially if you plan to do extensive remodeling and renovations – investing more of your money on top of the purchase price – then you should definitely purchase title insurance. Typically, it costs around $2 for every thousand of the selling price, and that small investment is usually worth it for the buyer’s peace of mind.

Title Problems New Homeowners Can Run Into

Title Problems New Homeowners Can Run IntoTitle problems have a tendency of showing up during the title search and after the closing. This is the time that most homeowners would hope that their title insurance policy would help them in solving some of the problems they have. And subject to the policy terms, you can use your title insurance to get protection from the problems that might come to light after you have sealed the deal. It is very important to avoid the problems connected with the title before the closing. You can only understand the title problems if you have any idea of what a title may mean. The title, in simple terms, is evidence that shows that an owner is in full and lawful possession of a particular piece of property or real estate. Owning a deed to a property means owning the property.

Here are four undiscovered title problems that can cause new homeowners a difficult time.

Errors in Public Records

It is usually said that to err is human, but these mistakes can be very devastating when they particularly affect the rights of home ownership. Errors to do with filling or clerical could greatly affect the survey of the deed of your property and in turn, bring undue financial strain in a bid to fix them.

Illegal Deeds

Despite the fact that the chain of title on your property may look right, there are chances that a prior deed might have been done by either a minor, undocumented immigrant or an individual of unsound mind. Possibly, it could also have been made by a person who is reported to be single but is actually married in the real sense. Any of such situations may interfere with the enforceability of the previous deeds, and in turn, affects both the prior and present ownership.

Undiscovered Encumbrances

When it comes to taking an ownership of a particular home, three can be mostly referred to as a crowd. When buying the house, it could be unclear to you that another person may posses the claim to either a proportion or all of your property. This may occur as a result of a previous lien or mortgage, or other claims that are not financially related such as covenants or restrictions that places certain barriers to how the property should be used.

Undiscovered Wills

When the owner of a property passes on without a clearly prepared will or heir, the state may be forced to sell their assets. This may even include the home they have been living in. When you go ahead and buy such property, you immediately assume the rights of owning it, and therefore it becomes yours legally. However, an unexpected may happen even years later after you had taken up ownership of the house. When, for instance, the will of the deceased owner of the house comes to light, your rights to own the property may be in a stake.

These and most of other issues that are not covered in this article are mostly taken care of by the owner’s policy of the title insurance. When you purchase a home, your immediate responsibility should be to use a title insurance to protect that particular investment. To learn more, get in touch with us!