FAQs
- What should the customer know about your pricing (e.g., discounts, fees)?
The cost of a title insurance policy relative to the cost of a property transaction is about one-half to one percent of the purchase price. The premium is based on the purchase price of the property, generally determined by the value of the land plus any improvements. Title insurance industry practices vary due to differences in state laws and local real estate customs. Who pays for the owner’s policy varies from contract to contract. The buyer typically pays for it in Miami-Dade and Broward Counties. It’s also important to note that the cost for title insurance may include other services provided by the title company such as the title search or conducting the closing.
- What is your typical process for working with a new customer?
Protect your property rights. Make sure you purchase an owner’s title insurance policy to protect your property rights. Find out how for a one-time fee an owner’s policy can protect your important property rights for as long as you or your heirs own the property. Also, learn about common and real-life title problems that could impact your property rights.
- What education and/or training do you have that relates to your work?
A title professional will also look for covenants, conditions and restrictions and other types of easements. When an issue is discovered, the title professional will take care of it—typically without you even knowing about it. If the problem is not easily resolved, you will be notified. Title searches reveal problems on more than a third of all residential real estate transactions. Unknown Issues Some title issues are not apparent from a review of the public record. Title insurance provides coverage for undisclosed title defects that might later result in a claim. Unknown events include: • forgery • documents signed by minors or someone incompetent • deeds executed under an expired power of attorney • errors on the public record This work is necessary to issue the insurance policy and often includes the cost of conducting a title search, examination, correcting errors, issuing the policy, and, frequently, the settlement or closing for consumers. An owner’s policy protects against these additional items.