Introduction
Buying property in Florida is a significant investment, but it’s not without risks. Title insurance is a critical safeguard, protecting property owners from potential legal disputes over ownership and hidden liens. Here’s why it’s essential and how it works.
- What Is Title Insurance?
Title insurance protects property buyers and lenders from financial losses related to defects in a property’s title. Unlike other types of insurance, it provides coverage for past events, not future risks.
- Common Title Issues
- Unknown Liens: Outstanding debts attached to the property.
- Forged Documents: Fraudulent deeds or claims of ownership.
- Unreleased Mortgages: Previous loans not properly cleared from public records.
- How Title Insurance Works
- Title Search: Before issuing a policy, insurers conduct a thorough title search to identify potential issues.
- One-Time Premium: Buyers pay a one-time premium at closing for lifelong coverage.
- Why You Need an Attorney
An experienced attorney can review title search results, identify red flags, and ensure the policy provides adequate protection.
Conclusion
Title insurance is essential for safeguarding your property investment. Strang Tryson’s attorneys can guide you through the process, ensuring your rights are protected.
Contact us today to learn more about title insurance and how we can help.