What is title insurance? Since I am not a lawyer I will put in my simplistic terms. Title insurance policies protect a home owner against losses that may occur if something is discovered after closing that may allow someone else to claim ownership of the property. Unlike most insurances (auto, life, hospital) that protect against a future occurrence, title policies reach backward.
In Brevard County Florida it is customary for the seller to pay for the owner's title policy so the issue rarely surfaces if a buyer should obtain title insurance. And the cost of the lender's policy (require by mortgage companies) usually has a lower simultaneous issue price.
In Florida title insurance premiums are established. Up to $100,000 coverage the price is $5.75 per $1,000 ($575 for $100,000 property). Above $100,000 the price is around $5.00 per additional $1,000. For example, $200,000 coverage would have a premium of $1,075 [$575 plus $500].
The price of title insurance is so little considering the risk is potentially so high...plus you have to buy it for the lender!
For answers to your questions regarding closing costs, ask your real estate agent, your attorney or your title company as well as your lender. Trying to choose a title insurance company in Viera or Suntree, ask me who my clients have used!
Considering buying or selling a house in Viera or Rockledge, Florida? Call me directly at 321-693-3850 or email me if I can help in any way.
Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.