The pros of paying for a title search and title insurance in this case include assuring yourself that you have clear title and total ownership of the unit you are buying.
The cons of avoiding these fees are that you pay for a unit that you may not clearly own, or that may have liens against it for unpaid assessments, unpaid taxes, and so forth.
In future, if you have established that you own clear title and complete ownership to the unit, you will be able to sell it with ease, based on your ownership of a clear title.
If you chose to avoid both, you may not be able to pass along clear title to a future buyer without satisfying outstanding debts against the title, that you essentially purchased when you purchased the unit originally.
Finally, title insurance assures you that if the company performing the title search 'missed' something, you will not be liable for whatever cloud shows up on the title in future that was missed in the title search.
Yes, you need/should keep paying for the insurance until you are not on the title anymore.
Yes that is what title insurance is for. However, there is a very good chance that the title insurance company will sue the attorney who was supposed to do the title search in the first place as they obviously didn't do their job.
An Abstract of Title in Florida could be as little as $200, depending on what the title company or agent was willing to charge, however this would not provide you with any title insurance, only a report what was found on a title search of the property. Meanwhile, if you wanted title insurance you should compare several title insurance companies because they will be charging for the title search, closing fees and probably several other fees in addition to the actual title insurance policy. The Florida promulgated rate for an owners title insurance policy is $725.00 for a $130,000 house. Please remember you will be comparing more than just the policy rate, which may have some applicable credits depending on your situation. You may qualify for a reissue credit if you are refinancing, and you should get several quotes on an "out the door" price when comparing title insurance.
Generally speaking, a title insurance producer is the same as a title insurance agent.
In Florida, the person who pays for the title insurance gets to pick the title company or title agent. The person paying (buyer or seller) for the owners title insurance policy is specified in your real estate sales/purchase contract. Tradition as to who normally pays for the owners title insurance policy varies according to the county that the property is located, but can always be negotiated between the parties in the contract. In the case of a refinance, you should know that you probably have an existing owners title insurance policy from when you bought your property and you can give a copy of the owners title policy to whoever is handling the title insurance for your refinance so that you will be entitled to a reissue credit. This can save you a significant amount of money. Probably the most important thing to remember is that whoever is paying for the owner's title insurance policy gets to pick the title company. Almost equally important is understanding that you should compare companies so that you can make sure you are getting the best price for title insurance and title-related fees, as well as the best service from a reputable company. Remember not to let someone else (like a realtor or mortgage broker) pick a service that you will be paying for unless you have personally compared their price and service with that of other companies. It is illegal to for a realtor to steer you in the direction of a particular company, and you should be aware that sometimes unethical relationships exist.
You can get title insurance quotes from by doing a search on google or other search engines for title insurance and visiting one of the websites that offer title insurance quotes. There are some companies that will give you multiple title insurance quotes from more than one company by filling out just one form, and there are other companies that offer you one quote from their company. It is a good idea to shop around for title insurance companies and this is a great way to find and compare title companies and title insurance costs.
Yes, you need/should keep paying for the insurance until you are not on the title anymore.
Title insurance is a specialized type of insurance that is not generally sold by insurance agents. It is usually provided by an attorney and underwritten by a title insurance company who specializes in this type of insurance. The title insurance company relies on statements and work done by the attorney when he does the title search and he has some liability for his work. You can't just decide that you want a title insurance policy anytime. It is usually done when you purchase a piece of property. I suppose that if you wanted to pay for a new title search you may be able to buy a policy at a time other than at closing.
Yes that is what title insurance is for. However, there is a very good chance that the title insurance company will sue the attorney who was supposed to do the title search in the first place as they obviously didn't do their job.
The wording in the deed is no different just because the buyer did not want to pay for a title search and title insurance. The responsibility is with the buyer to know what he/she is getting when he buys the property. You can sue after the fact, but good luck if you don't take responsibility to have the property checked out.
You can get title insurance quotes from by doing a search on google or other search engines for title insurance followed by the name or initials of your specific state (ex: title insurance florida), and visiting one of the websites that offer title insurance quotes. There are some companies that will give you multiple title insurance quotes from more than one company by filling out just one form, and there are other companies that offer you one quote from their company. It is a good idea to shop around for title insurance companies and this is a great way to find and compare title companies and title insurance costs. Your state insurance department is your best resource for insurance-related questions and concerns. Find information on insurance companies and agents, rate quotes and comparisons, insurance buying tips, claims filing information and much more.
The process requires that you be bonded and to be bonded you need to demonstrate the experience to search through the county archives for title problems. Anyone in Utah who would use your service to perform a title search would demand title insurance, and title insurance companies will not work with you if you don't have the experience. That means you'll need to work for a title insurance company long enough to get the experience to get the bond.
You are paying up front for a title search at the time of your sale. The present owner may have liens or judgements on the property and you need to know that they are cleared from the title or it will affect you down the road. Also, they review easements, fences and other basics of your property that may have been encroached on in the intervening time between sales. Basically, he has to pay up judgements/liens before or at the time of closing.
An Abstract of Title in Florida could be as little as $200, depending on what the title company or agent was willing to charge, however this would not provide you with any title insurance, only a report what was found on a title search of the property. Meanwhile, if you wanted title insurance you should compare several title insurance companies because they will be charging for the title search, closing fees and probably several other fees in addition to the actual title insurance policy. The Florida promulgated rate for an owners title insurance policy is $725.00 for a $130,000 house. Please remember you will be comparing more than just the policy rate, which may have some applicable credits depending on your situation. You may qualify for a reissue credit if you are refinancing, and you should get several quotes on an "out the door" price when comparing title insurance.
== == As for laws and regulations, visit the GA Department of Insurance website. Performing the search depends on the county you are doing the search in, they may have the records available electronically and on-line. If you are looking for a "handbook" on how to search title, a title searcher/examiner is not something that is simply learned overnight. Abstracting is complex and needs to be thorough since the search is the backbone of the title insurance. If a searcher misses a chain of title, defect, judgment, etc. then that error can effect the insurablity of title. Most searchers new to the industry work with a seasoned professional to mentor them through the process until they gain sufficient experience to be accepted by an agency.
Generally speaking, a title insurance producer is the same as a title insurance agent.
Why should you get the title? If the debt is secured by the condo or house, you cannot get a discharge of that debt unless you surrender the asset in the chapter 7.