Title Info

Title Info for Insurance

What is title?

Title is your ownership rights to your property. A legal title is evidence of your property and empowers you as a property owner.

What is title insurance?

Title insurance is a policy that protects your investment and property rights.
There are two different types of title insurance: owner’s policy and lender’s policy.

Owner’s Policy:

  • In our area of Florida, an owner’s policy is paid for by the
    seller. Ensuring that you possess an owner’s title insurance
    policy is the best way to protect your interests.
    • Who does it protect? You, the homebuyer, are covered as well as your trustees, inheritors, and beneficiaries.

Lender’s Policy:

  • A lender’s policy is usually paid for by you or the seller. It is
    almost always required by the lender and protects only the
    lender’s interest.

    • Who does it protect? Only the lender is covered by the
      lender’s policy.

Why do I Need Owner’s Title Insurance?

A home is the largest and arguably the most important investment you will make in your entire life. If you don’t protect your investment by purchasing title insurance, you could lose your property and your entire down payment because you’re not protected against forgery, fraud, or human error. Owner’s title insurance is the smart option that protects your property from legal claims. It’s a one-time fee that covers you and your heirs as long as you own your home. The owner’s policy also covers potential legal fees for settling claims against your ownership rights.

What is a title search?

A title search is an early step in the home-buying process to uncover issues that could limit your rights to the property.

What does owner’s title insurance cover?

Under the owner’s title insurance policy, you are protected against any unforeseeable errors in the title.

Common errors include:

Forgery:

making a false document; for example, the seller misrepresents the identity of the person who signed the title.

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.

Human error:

inconsistent paperwork and historical records; for example, an unforeseeable discrepancy in the property or fence line can cause confusion in tracking the title history.

How long are you covered?

Your owner’s insurance policy lasts as long as you or your heirs own the property.