Consumers
Whether you are buying, selling or refinancing your home, we are here for you. We promise you a smooth, professional and comfortable closing process.
Despite recent, confusing legislative changes, as the person paying for title insurance, you DO have a right to choose your title and settlement company. We appreciate you choosing North Florida Abstract. Call us or stop by today to experience our small town service.
Why every buyer needs title insurance:
For most of us, real estate is the largest investment we’ll make in our lives. To buy with confidence, get owner’s title insurance from North Florida Abstract. It’s the smart way to protect your property from legal claims. To help you understand how owner’s title insurance works, here are answers to common questions.
Title is your right to own or use your property. Title also establishes any limitations on those rights.
A title search is an early step in the home buying process to uncover issues that could limit your rights to the property. If a title issue is discovered, most often we will take care of it without you even knowing. After the title search is complete, North Florida Abstract can provide a title insurance policy.
If you’re buying a home, title insurance is a policy that protects your investment and property rights.
1. An owner’s policy is the best way to protect your property rights. Either the buyer or seller may pay for this policy. Ask North Florida Abstract how it’s handled in your area.
2. A lender’s policy is usually required by the lender and only protects the lender’s financial interests. The buyer typically pays for this policy.
Owner’s title insurance protects your investment in your property from certain future legal claims regarding ownership of your property. For a one-time fee, you and your heirs* receive coverage for as long as you own your home. The owner’s policy also covers potential legal fees and court costs for settling claims covered by your policy.
Sometimes undiscoverable defects can come up after the title search. Under an owner’s title insurance policy, you are protected against certain undiscovered errors in the title.
Title issues include unknown:
- Outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes
- Pending legal action against the property that could affect you
- Unknown heir of a previous owner who is claiming ownership of the property
Unforeseeable title claims include:
- Forgery: making a false document
- For example, the seller misrepresents the identity of the person who sold the property.
- Fraud: deception to achieve unfair gain
- For example, someone steals your identity and either sells your house without your knowledge or consent, or takes out a second mortgage on the property and walks away with the money.
- Clerical error: inconsistent paperwork and historical records
For example, an unforeseeable discrepancy in the property or fence line can cause confusion in ownership rights.
The one-time payment for owner’s title insurance is low relative to the value of your home. A typical title insurance policy costs around 0.5% of the home’s purchase price.
Your owner’s insurance policy lasts for as long as you or your heirs* own your property.
Closing is the final step in executing the home buying transaction. The closing agent you choose, and we would like you to choose North Florida Abstract, will handle the transfer of ownership. Upon completion of the closing process, you get the keys to your home!
Additional Information for Buyers:
Despite recent, confusing legislative changes, as the person paying for title insurance you DO have a right to choose your title and settlement company. We appreciate you choosing North Florida Abstract. Call us or stop by today to experience our small town service.
