Five Questions to Ask About Title Insurance in Miami, FL

Five Questions to Ask About Title Insurance in Miami, FL

June 12, 2019

Do you know enough about title insurance in Miami, FL to purchase a home? Are you familiar with the laws surrounding title insurance? If your knowledge level is lacking, use the following guide.

These questions will provide an overview of title insurance in Miami, FL to educate you on the basics of this important topic. If you have additional questions, don’t hesitate to contact a local real estate attorney at the office of Ruben J. Padron, PA.

How much coverage do I need from title insurance in Miami, FL?

Your lender may require additional insurance on your mortgage or your property. This will likely depend on the amount of the loan, the location and condition of the property and the terms of the mortgage. Typically, the owner’s policy protects against common threats such as fraud, spousal claims and forgeries. If you want protection against violations of subdivision regulations, this usually requires additional coverage.

Who pays for title insurance in Miami, FL?

There are typically two policies involved: the buyer’s and the lender’s policies. Which party is responsible for these policies varies from county to county. In some areas, the buyer pays for one and the seller pays for the other. If these are purchased from the same company, a discount may be provided. If you are the one paying for the policy, keep in mind that you can negotiate this cost.

Which title company should I choose?

Look to your lender for advice on which title company to partner with for your loan and coverage. The lender’s interests match most closely with yours for ensuring this process is smooth and the coverage is appropriate. Your local real estate attorney is also a great source of information and guidance.

Why is the seller pushing a specific title company?

If the seller is pushing a specific title company, they may be trying to avoid poor discoveries. The point of a title search is to unearth errors before the purchase is complete. If the seller uses the same company that they used previously, the company is likely to produce the same results as the first time. They may use only excerpts or summaries from previous reports, rather than complete a thorough search.

If you are paying for the title insurance, you have the right to choose the company. If you have the option, you may want to choose a fresh title company to ensure the process is thorough.

How much should title insurance cost?

In many regions, the prices for title insurance are regulated. This means there should not be a lot of variance in pricing among different title companies. Still, you should keep in mind the quality of insurance and title search that you are getting for the price. Remember, you want a company that will provide a thorough search and one that will still be around years from now in case a problem arises.

When you ask for the price, be sure to inquire about additional fees that might be involved, such as wire transfer fees. Your lender and real estate attorney can advise you on the regulations in your area and what you can expect for pricing.

Get Answers

For answers to the toughest questions regarding title insurance in Miami, FL or other real estate-related inquiries, turn to the experts at Ruben J. Padron, PA. We offer extensive experience to help you get the best coverage for your purchase. Reach out to us today!

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