You likely have insurance that protects you from risk in all the important aspects of your life: your health, your home, your car, and your life itself. Given that the purchase of real estate is one of the most significant investments you will ever make, ensuring that you are protected against any claims that could cloud or threaten your title and ownership is essential.
As part of Farshchian Law’s comprehensive title and closing services, we offer title insurance to shield you from adverse issues that may arise with regard your property ownership rights. Title insurance protects owners and lenders from such things as another person claiming an ownership interest in the property, improperly recorded documents, fraud, forgery, liens, encroachments, easements, and other items specified in the title insurance policy. We have substantial experience with Florida title insurance matters, having issued policies in countless commercial, residential, and investment transactions. We are also an approved agent of the Attorneys’ Title Fund Services, LLC/Old Republic National Title Insurance Company, one of Florida’s largest and most trusted title insurance underwriters.
What Is Title Insurance?
The types of insurance mentioned above – health, home, and car are designed to protect you from losses that you may suffer because of a problem or catastrophe that happens in the future. But title insurance is unique in that it specifically addresses issues that may exist at or prior to the time that you take ownership of your property.
Title insurance protects against unknown events, defects, and claims as to ownership and title to the property that are present at the time of the purchase and sale transaction. Such defects include, but are not limited to:
- False impersonation of the true owner of the property
- Fraudulent and forged deeds, releases, or wills
- Mistakes in the recording of legal documents
- Misinterpretations of wills
- Undisclosed or missing heirs
- Instruments executed under invalid or expired power of attorney
- Prior deeds by persons of unsound mind
- Prior deeds by minors
- Deeds by persons supposedly single, but in fact married
- Improperly filed mortgages or liens
- Liens for unpaid estate, inheritance, income, or gift taxes
An owner’s title insurance policy protects the owner’s interest in case of title defects on a Florida property up to the amount set forth in the policy. When a buyer is financing the purchase of a property, most lenders will require the buyer to purchase a Florida lender’s title insurance policy. The lender’s title policy protects the lender’s interest in their first position mortgage lien on the property. As part of a refinance transaction, a new title insurance policy will also need to be obtained for the new lender.
Our title and closing experience give us the skills necessary to manage the substantial risk and responsibility associated with the issuance of title insurance. We offer sound advice on the level of title insurance required to protect your investment and bottom line.
How is Title Insurance Calculated in Florida?
Title insurance rates are set by the State of Florida based on a formula promulgated by the Florida Department of Financial Services. The title insurance premium is paid at the time of closing and is a one-time fee. The current rates for title insurance in Florida are calculated as follows:
Liability Amount Cost Per $1,000
Up to $100,000 $5.75 per $1,000
Over $100,000 to $1 million an additional $5.00 per $1,000
Over $1 million to $5 million an additional $2.50 per $1,000
Over $5 million to $10 million an additional $2.25 per $1,000
Over $10 million an additional $2.00 per $1,000
Our real estate team stands ready to guide you through the process of obtaining title insurance, including providing any further information you need on how title insurance premiums are calculated in Florida, any discounts that are available to you, and why title insurance is vital for protecting your interest in the ownership of your property.
Farshchian Law, P.A.: Florida Title Insurance Services
At Farshchian Law, title insurance is just one aspect of the comprehensive real estate representation we provide to clients throughout Florida. We will work with you to choose the right title coverage to ensure that you and your property have the protection you need. Please call us at (305) 901-5628 or (239) 935-8599 or email us at Info@JFRealEstateLaw.com to discuss your title insurance needs and obtain a free quote.