What is Title Insurance and Why Is It Needed in Florida?

Title Insurance is very important when you are buying a home in Florida. It is important because you are not only buying the structure when you are purchasing it. Rather, you are also buying the land it stands on and any improvements in the home. If you a buying a condominium, you will also be buying its ownership interest. More specifically, you will get interest in the common areas in addition to individual ownership of your unit. For these reasons, a title insurance, which is an insurance policy for property you have bought in Florida and elsewhere in the country, comes in handy.

Benefits of Having Title Insurance in Florida

• Protecting Real Estate Owners and Mortgage Lenders

Title insurance from Sandcastle Title Agency in Naples protects you against any claims or losses that may occur from real estate you want to purchase. In fact, most times when you are getting a mortgage as a homeowner, you will realize that many lenders will insist on getting title insurance as part of the deal.

Before closing any deal in Florida, the buyer not only performs a title search, which ensures that the title is clear, but also buys insurance. This insurance policy protects him against any errors such as omissions made during the investigation. Once you have title insurance, you can feel safe after the deal knowing that you are now the legal owner of the property and on top of that have a marketable title.

sold house

Common Problems that Title Insurance will Protect You From 

Title insurance covers you from all sorts of issues including outstanding tax bills, missing or defective documents, any claims by government agencies or creditors, and any construction related liens. Your title insurance will protect you from the following issues.

• Filed tax lien by the tax authorities if the homeowner had failed to pay his property taxes resulting in problems with the title of the property until the taxes are cleared.

• If the homeowner had a development within the property, such as a swimming pool but failed to pay the developer for it. In such a case, the developer can file a claim of lien that will cast aspersions on the title until he is paid all his dues.

• If the condominium owner failed to pay assessments, the Condo Board may end up filing a claim of lien on the condominium. Doing so will cloud the condominium helping the board to be paid once the condominium is sold or there is a title transfer.

Know More About Real Estate Transfer and Title Company Services

Title Company is the firm or companies that are specialized for researching records of any properties in recorder’s office. For real estate transaction when the sales contract is signed, from that time till it closed these companies use to bring their title up to date. Title companies, like Speedy Closing and Title Services, make certain that the transactions involving property acquisition are in good faith and legal. Processes involved can be choosing the property to buy to facilitating property title check, property preparation, and title insurance. When you have purchased a property, it is wise to decorate it well with many soft furnishings as well as dressing the windows. a great company for this in the North West of England is Hannahs Blinds Liverpool. They can take care of small home jobs or large projects.

Title companies also do an ‘abstract of the title’ by hiring lawyers who will investigate any unfavorable facts or events surrounding the history of the property. With abstract of title, the legal owner of the property, unpaid taxes, mortgages, judgments, and property restrictions are determined. If an abstract of title is not done properly, buyers will most likely be face to face with problems like back taxes, claims, and second mortgages for acquiring the property. Surely you would want to make sure that the title company you choose won’t fail to recognize the said problems. When the title has been cleared of any problems, title companies will then prepare a Title Insurance Commitment. A Title Insurance Commitment details the insured parties, coverage amounts, current property owners, legal description of the property, and requirements that need to be met before a deed of property can be issued. Not to worry because the title company you will choose would prepare all the needed paperwork for the transfer and purchase of the property. Should there be any problem that would arise in a transaction, your chosen title company will be the one to take care of it and correct it.

real estate investing

When all the transactions have been settled and completed, the deal is now expected to be closed. Involved parties will then exchange necessary documents and hand the title to the new owner. Title companies will be the one to collect the payments from the buyer as well as settlement costs from each party. When transaction expenses have been settled, the title company will then hand the net proceeds of the sale to the seller. Different from a Title Insurance Commitment, the last document a title company will prepare is a title insurance. A title insurance details the security and monetary reimbursement a buyer is entitled to depending on the policy he got. A trusted company in Florida to take care of such matters is Momentum Title Naples who are very experienced but with a refreshing approach to real estate closings.

Now that you know what Title Companies do, you can now make an informed decision when purchasing a real property: the cost it involves and the process you will have to undergo. Speedy Closing and Title Services provides witness only closing agents to secure loan settlements for the real estate and homeowner loan communities nationwide. If you want your real estate transactions to run smoothly, without the headaches and hassles, then Speedy Closing and Title Services is your best bet!

Is Real Estate Still a Good Investment in Florida?

Florida offers great investment opportunities in real estate. Investment in Florida real estate promises good returns with high growth rate. Banks endorse that investment in Florida Realty is one of the safest sources for asset building, with minimum risk. Some valid reasons attract an investor towards real estate in Florida. Some of them are the lucrative investment value, leverage and minimum risk of investment, good educational facilities and tax advantages.

 

For the newcomer to Florida, there are many opportunities in the real estate market to buy their own homes, properties, or condominium, but you will have to pay a pretty high price as property values in downtown Florida are sky-high at the moment. However, there are plenty of very reasonable places available to buy or rent in the suburbs surrounding this location. Depending on your requirement, there is a wide range of choices available in Florida; you have the choice of a single-family or multi-family home, condominium or town house, a vacant plot for building your own home or for commercial use, and rentals. You have the choice of going in for homes with 1, 2, 3, 4 or 5-bedrooms with attached bathrooms. Buyers should research before making a suitable choice.

The local law of Florida does not support passive investment, and hence investors are expected to pick a good property intelligently. It is wise to consult a reputable real estate attorney such as Adamczyk Law Firm in Florida. People can make use of properties for a comfortable living, or they can opt for giving it out on a lease. The minimum risk involved resulting in leverage- Banks are very interested in providing loans to buy assets in Florida Realty. This bears a direct 10% gain on the investment made and is the most secure way to get immediate returns in a short time. There is good risk management and banks practice leverage for investments in Florida Realty. The goal of leverage is to boost the returns on equity, by using loans. Banks have their credits safe in Florida realty investments. If there is any case of default in repayment, the bank can sell the property to get the money back. Tax advantages The US government offers a low rate of interest on investments made in solid asset building. Investors and buyers are not required to pay huge amounts of tax for investments made in Florida Realty. The amount of interest paid for a loan taken to purchase a property in Florida is tax deductible.

For people trying to buy land and make their own homes in or around Florida, it would be a really hard search to find a good-sized plot still available. However, outside of Miami there are plenty of small plots of around 0.10 acre to bigger plots in the city for much higher prices. When selling a property in the SW Florida area, it is adviseable to source a home staging company such as CBS Home Services. They are the best for home staging Naples Fl without doubt. Due to the current downturn in the real estate market, there are many bank-seized properties which your real estate agent could check out, as the banks would like to sell them off as quickly as possible to recover their investment.