Why do I need Title Insurance?

A policy of title insurance is protection for a buyer, giving the buyer assurance that he/she will have good title to their property, without worry that there are prior liens or encumbrances or title defects that are discovered after the sale is closed.

The Seller got a title policy a short time ago, why get another?

That title policy only protects the seller, not the buyer. Besides, something involving the seller may affect the property. Also, other defects may be found that were not previously apparent. This is a common occurrence. Want to sleep at night? Get a new title policy.

What does a title company do and what is a closing?

Title companies are given contracts for sale of real estate or requests for re-financings of real estate and must make sure that all such contracts or orders are properly carried out. Title searches for each property must be obtained and examined. The agencies then issue title commitments to the parties. Title commitments tell the parties what has to be done to get the matter closed before title insurance can be issued. The agency must prepare some of the paperwork and assemble other documents given to them by the parties. All the title commitment requirements must be met and all required documents must be signed in order for there to be a successful “closing”. The required documents must then be timely recorded with the particular county where the real estate exists. After all that is completed, a policy of title insurance is rendered which guarantees that everything was done properly.

Aren’t title companies getting rich with all the fees they charge?

Believe it or not, title companies are not getting rich. It’s an industry that has a lot of costs involved just to stay in business. It’s no different than any other industry. The work is very complicated, time consuming, and the liability is high if mistakes are made. Title agencies are very closely regulated by government agencies and their title underwriters (the insurance companies behind the agencies) to make sure that you get what you pay for.

Keith Ringelspaugh PA has been representing Landlords and Lenders in matters of Landlord/Tenant Eviction Law and Mortgage Foreclosure Law for over 35 years.!

Real Estate Law

Keith Ringelspaugh is one of only a few Florida attorneys who has earned a Board Certification in Real Estate Law.

Board Certification in Real Estate Law

Keith Ringelspaugh handles real estate, probate, estate and trust law making it convenient and economical to have one attorney who can perform all those functions!

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