What is meant by title?Title is the formal right of ownership of property and the means whereby the owner of lands has the just possession of his property. Title is the union of all the elements which constitute ownership and the evidence of such ownership. Title may be held individually, in common, jointly, by partnership, corporation or trust. One who holds vested rights in property is said to have title whether he holds them for his own benefit or for the benefit of another.
What is Title Insurance?Title Insurance is the issuance of a policy by a title company after searching the title, representing the state of that title and insuring the accuracy of its search against claims of title defects. Insurance against loss or damage resulting from defects or failure of title to a particular parcel of realty, or from the enforcement of liens existing against it at the time of the insurance. This form of insurance is taken out by a purchaser of the property or one loaning money or mortgage, and is furnished by companies specially organized for the purpose, and which keep complete sets of abstracts or duplicates of the records, employ expert title-examiners, and prepare conveyances and transfers of all sorts. Insurance of Title warrants the validity of the title in any and all events.
Do I need Title Insurance?Title insurance is like any other insurance policy. It is something that you buy hoping that you will never have to use it. Hopefully you will never need it but if you do, and you have not purchased it, the biggest investment you have will be at risk. Unlike other insurances, title insurance is purchased when you purchase real estate or upon refinancing. There is a one time fee for each policy and no payments. Are you really willing to risk the land or home that you have just purchased? If purchasing cash, title insurance is not required for there is no one at stake but you so it is not important to anyone else whether you lose your land or not. However, if you have a mortgage on your property the financial institution or private lender will normally require title insurance.
What is meant by a title defect?A. Title which has some defect or is subject to litigation and hence may not be transferred to another. Title is unmarketable where it is of such a character as to expose the purchaser to the hazards of litigation and where there are outstanding possible interest in third persons. B. There could be a cloud on title which is an outstanding claim or encumbrance, which, if valid, would affect or impair the title of the owner of a particular estate, and on its face has that effect, but can be shown by extrinsic proof to be invalid or inapplicable to the estate in question. A conveyance, mortgage, judgment, tax-levy, etc., may all, in proper cases, constitute a cloud on title. The remedy for removing a cloud on title us usually the means of an action to quiet title.
How much does Title Insurance cost?The costs of Title Insurance is set by the state. The promulgated rate and is $5.75 per thousand for the first $100,000 and $5.00 per thousand form $100,001 to one million. Call for quotes higher.
Should I shop around for the best Title Insurance deal?There shouldn’t be a need to shop for the cost of title insurance since the rates are set for everyone. However there are some places that charge more than the rate since the promulgated rates are the least one can charge. Suncoast One Title charges only what the published rate is, adding nothing.
Can Suncoast One Title handle your closing?A. With Pleasure. We are a full service title company and specialize in personal attention to our clients, whether those clients are realtors, purchasers, sellers or lending institutions.
Who pays for which expenses at closing?All expenses are charged as per contract. Remember when you’re writing your contract, everything is negotiable. Once the contract is written we must follow it to the letter unless we receive something in writing that the contract has changed. Any addendums must be in writing.
What does a Title Company do?A. When you have a contract that you want Suncoast One Title to close you would fill out the title order and get that to us along with the fully executed contract. B. Suncoast One Title will order the search and exam from Stewart Title Guaranty Company. C. When the commitment is returned to us we check for defects and if there are special needs to keep the title clear like Power of Attorney’s, or Trust Agreements. D. We will then get with the sellers and work at getting any problems cleared up or advise the seller of any special documents that will be needed for this transfer. E. We prepare the HUD 1 Settlement Statement with all if the debits and credits and determine the money that the parties will have to bring to closing or will take from closing. F. We prepare the documents that will be needed such as the Deed and NOC, etc. G. We collect all of the things that were needed to fulfill the contract. H. We work with the brokers and lenders to make sure that all of the documents are prepared correctly and filed appropriately. I. We disburse the funds. J. Finally, we prepare the title policy which is sent out after the filed documents have been returned to us by the Clerk of the Court. We are mainly the collectors of information, getting everything in one place and then distribute documents and funds appropriately.
