Title Insurance - It's part of Home Ownership

Posted by Dylan Taft on Wednesday, December 22nd, 2010 at 8:10am.

When you go to purchase a home or condominium during the process most likely your Realtor is going to going over with you a review of closing cost and exactly what to expect on closing day so that there are no surprises.


In different parts of the country things vary as to who is required to pay for what closing costs. Local traditions have changed in some areas with the presence of non-local banks selling properties and requiring that things been done certain ways. These changes have reminded us that everything is negotiable, but in order to negotiate the best price on a property you are still better off writing an offer consistent with the way offers are traditionally written in your area.

One of the most expensive closing costs you see on the closing statement is Title Insurance. If you are getting a mortgage to facilitate the deal your mortgage company will require Title Insurance at closing. If you are paying cash for the property the decision is yours, however, even more so today, I never recommend anybody take title with out title insurance,

Most insurance policies are bought to provide protection against something that can happen in the future. Title insurance is bought to protect you against things that could have happened in the past. Deeds, wills, trusts, mortgages, judgments, property liens, community easement, HOA and Condominium fees, etc. all could affect your ability to receive clean title on a property. Part of receiving a title policy is that the firm issuing it will identify and correct any outstanding issue prior to issuing the policy. If something is missed they are there to protect you.

Correcting any outstanding title issues can be expensive. But there is good news; prior to closing correcting an issue is the responsibility of the seller. After closing it becomes the responsibility of your Title Insurance Company. By purchasing Title Insurance at closing you are purchasing an insurance policy that says “Welcome to your new Home, we are confident you are the owner”.

About the AuthorFort Lauderdale Realtor, Eric Miller is a broker associate /owner with Keller Williams Realty in Fort Lauderdale. Eric Miller and Associates is an award winning team of Ft. Lauderdale realtors and can be found on line www.FortLauderdaleGroup.com. Thinking about purchasing a home in the Fort Lauderdale area Eric Miller provides complete access to all listed homes at Fort Lauderdale Homes for sale.  Thinking about a Fort Lauderdale Condominium, you can view every Ft. Lauderdale Condo for sale at, Ft. Lauderdale Condominiums for Sale. Eric and his team have worked in the  Fort Lauderdale Real Estate market for over ten years and Eric was a top agent at Prudential prior to joining Keller Williams.

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