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LOUIS C. ANDERSON LAW OFFICE Firm Members and Associates Louis C. Anderson, Esq. Teshana Lee-Yong, Legal Assistant Charisse Jenkins, Legal Assistant Send us 
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Corporate Center by the Sea 224 Commercial Blvd, Ste 310 Lauderdale by the Sea, FL 33308 USA (954)772-8050 voice (954)491-3739 Fax Serving South Florida over 30 years |
| Title Insurance Agent |
Title Vs. Deed
In real estate, "title" refers to the rights of ownership and possession of a particular property. A "deed" is the formal written document that transfers ownership rights from seller to buyer. It contains an accurate legal description of the property and is delivered at closing.
Why Do You Need Title Insurance?
The point of title insurance is to secure your claim to the property and protect you against title "defects" -- legal rights to a property claimed by someone other than the owner. Hidden defects can surface even after you've gone through closing. With title insurance, the title insurer pays the costs if you are forced to defend your ownership in court, and covers any financial loss if the defects are unfixable.
Important: To get a mortgage, you'll have to buy a lender's title insurance policy. This protects the lender against any title problems. But to protect your interests, you'll need owners title insurance, too.
Know the "Exceptions" to Your Title
As part of the title search, your real estate attorney will list any title exceptions. Exceptions are situations where the title owner relinquishes control over a given aspect of the property, such as a shared driveway.
If you want to object to these exceptions, you have a specified amount of time to do so. And the seller has time allotted to resolving the exceptions. If the issues can't be resolved, you can legally get out of the purchase contract.
If you don't have a real estate attorney, you won't know anything about the exceptions, you won't know to object to them, and you won't get clarification about why they're not necessary.
When and Where to Buy Title Insurance
You'll want to purchase an owner's title insurance policy before you close on a home. The one-time premium is due on closing day.
Many companies sell title insurance. But a lay title agency -- one that's not affiliated with an attorney-- can only prepare documents for closing and issue your title insurance policy.
Why Not Use a Lay Title Agency?
A lay title agency cannot:
*Prepare contracts
*Resolve title or inspection issues
*Give you legal advice regarding the content of documents you sign during the closing.
Since your ownership rights must be legally protected, a person trained in the complexities of real estate law is best qualified to issue your owners title insurance policy. That's the real estate attorney. Since the fee for title insurance will be about the same with or without a real estate attorney, it just makes sense to get the added value of an attorney's legal advice and counsel.
Questions?
Call us if you'd like to know more about title insurance and how it specifically relates to your situation.
Click here for More Information About Buying or Selling a Home
Agent for Attorneys Title Insurance Fund, Inc