When purchasing a home in Florida, customarily the Seller will provide the Buyer of their home an owner’s title insurance policy. These policies will provide coverage and protection against situations that might arise including:
· Claims by others who may have a hidden interest in the property.
· Documents that were missed, unsigned, not recorded or prepared wrong.
· Fraud
· Unmarketable title preventing the home from selling in the future.
· Liens
I say customarily because it is not a law that the Seller provide the coverage. Buyers making offers on bank owned property are often finding the bank unwilling or unable to pay for an owner’s title insurance policy. As a matter of fact the FAR9 purchase contract offers 3 choices.
1. Seller selects title and pays for title policy
2. Buyer selects title agent and pays for title policy
3. Buyer selects title agent and Seller pays for title policy
Regardless of who pays, the Buyer will want the peace of mind an owner’s title policy will bring. Making sure this is negotiated in your contract is important and is another reason why you should consider using our services when buying or selling a home in Florida.
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