DENIS A. BRASLOW
Attorney At Law
TITLE INSURANCE
Why is it important?
Title insurance, like any kind of insurance you purchase, is something you hope you will never need. And most likely, you won’t. But the one-time premium paid at closing is a small price to pay for protection against challenges to rightful ownership of your property. Although the title search performed at closing will disclose most matters, there are some that are not easily discoverable even by a diligent title searcher, or that are simply missing from or misfiled in the public records. Examples include forgeries; marital status issues; deeds signed by underaged or mentally incompetent individuals, or persons involved in bankruptcy; undisclosed or missing heirs; mistakes in recording legal documents; fraud; or liens for unpaid estate, inheritance, income or gift taxes, just to name a few.
A title insurance policy will protect you in the event someone asserts a claim against your property. Since your entire investment depends upon the quality of your title, it is of the utmost importance to have this protection.
The policies issued by our office are underwritten by either Old Republic National Title Insurance Company or Chicago Title Insurance Company.
Attorney v. Title Company:
In Florida, both title companies and attorneys may issue title insurance. Since most policies are issued at rates promulgated by the Department of Insurance, title insurance obtained from an attorney is priced the same as title insurance from a title company.
Some people believe the overall costs charged by a title company are less than those charged by a law firm. Florida law requires a title company issuing title insurance to charge the consumer a fee that is no less than its costs of actually providing closing services, as is the case with an attorney. Some firms may charge more, but our fees are in line with most title companies.
Probably the most important reason to use an attorney for your closing is that a title company cannot provide legal advice. Many circumstances can arise during the closing process in which such advice becomes, if not essential, certainly beneficial. In most instances our office does not charge an extra fee for legal advice if we are handling the closing.
One of the most important areas in which buyers can benefit from legal counsel in real estate transactions is how best to take title – as husband and wife, if married; in a living trust; in a corporation or partnership; or as joint tenants with right of survivorship.