An owner's title insurance policy ensures that the property which you are purchasing has "marketable title." This means that the title to your property is free and clear of title defects. At Olmsted & Wilson, P.A., a real estate attorney will conduct a thorough examination of the public records pertaining to the chain of title to your property, examining each instrument of conveyance to ensure that it was executed correctly, as well as searching for any liens or encumbrances on the property. Examples of title defects which could arise during the examination include faulty legal descriptions, forged deeds, undisclosed heirs who may have claim to title, outstanding judgments or tax liens against the property, construction liens, instruments signed by minors or those without the legal capacity to sign, or clerical errors made when the instruments were recorded in the public records. If any defects are found, the attorney can determine the necessary steps to remedy them. Following the closing and recordation of the deed, you will be issued a title insurance policy which will fully protect you should a title problem arise at a later date. Coverage includes reimbursement for any financial loss you may incur in defense of your ownership interest or to pay any claims which may be brought against you in connection with liens or other title issues up to the amount of the policy. This coverage lasts as long as you or your heirs have an ownership interest in the property.
Florida law establishes the risk premium portion of the title insurance cost based on the purchase price of the property, and is the same for all title insurance agents. The closing agent will also charge a nominal additional fee for their services, including the title search and examination of title. Although you can purchase title insurance from a variety of title agents, real estate attorneys are highly trained in the complexities of real estate law and these professionals are best qualified to conduct thorough examinations of title and to issue title insurance policies. If you would like to request title insurance in connection with a real estate closing, please contact our office.