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.
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.