FAQ

Here Are Some Frequently Asked Questions About Title Insurance

If you have any additional questions, please feel free to call us at 954-691-1950 or e-mail Service@IntegrityTitleCo.com.

  1. What is a prior title policy and do I have one?
  2. What are the required items for the buyer to bring to a closing?
  3. What are the required items for the seller to bring to a closing?
  4. What if I can not attend the closing?
  5. Does my spouse have to attend the closing?
  6. What types of claims, or risks, are generally covered by title insurance?
  7. How are title insurance costs calculated?
  8. If my lender gets title insurance for its mortgage, why do I need a separate policy for myself?
  9. What is a survey and do I need one?
  10. What is the homestead exemption?
  11. How can I file for a homestead exemption?

 

1.What is a prior policy and do I have one?
The prior policy is the owner’s policy that was provided to the property owner after they purchased the subject property. The policy remains in effect for as long as they own the property. Prior policies should be presented to the title company for all refinances and/or sale. The title insurance ensures the condition of the title from the issue date back in time (not the issue date forward). This policy entitles you to a reissue credit if you are paying for title insurance within 3 years of its issue date. Please provide to your title agent prior to closing.

2. What are the required items for the buyer to bring to a closing?
The buyer will need to bring:

  1. Valid photo identification: State issued-driver’s license, passport, or state-issued ID card.
  2. Funds for closing via wire transfer prior to closing. We will provide those instructions for our escrow account.
  3. If you are moving into a condominium or a planned unit development requiring association approval, you will need to bring the original certificate of approval to closing.
  4. If you are married, please check with our staff to see if your spouse should be present at the closing.

3. What are the required items for the seller to bring to a closing??
The seller will need to bring:

    1. Valid photo identification: State issued-driver’s license, passport, or state-issued ID card.
    2. If you are married, please contact our staff to see if your spouse should be present at closing.
    3. Some sellers may have to bring funds to the closing. They should be via wire transfer prior to closing. We will provide those instructions for our escrow account.

4. What if I cannot attend the closing?
With prior notification, nonattendance can be accommodated. The closing documents can be presigned, mailed, e-mailed or faxed to you prior to the closing date.
Remember: Enough time must be allowed for the documents to be sent out and returned to Integrity Title. Early notification works best for all situations.

5. Does my spouse have to attend the closing?
The State of Florida is a Homestead state. This means that if you are obtaining a mortgage for purchase or refinance and your spouse is not on the loan, he/she must attend the closing, provide proper identification and be prepared to sign documents if this is your homestead property.

6. What types of claims are generally covered by title insurance?

  1. Forged documents, such as deeds and wills
  2. Fraud
  3. Lack of competency, capacity or legal authority of a party
  4. Conveyances not joined in by a necessary party—i.e.: spouse, heir, corporate officer, managing member
  5. Unsatisfied mortgages or record
  6. Incomplete or erroneous probate or lack of probate
  7. Mistakes in legal descriptions or recording errors
  8. Deed not properly recorded
  9. Judgments or liens against the seller or the property
  10. Unpaid real estate or inheritance taxes

7. How are title insurance costs calculated?
Title insurance rates are regulated by the State of Florida. They are based upon the purchase price. Additional fees and discounts, if applicable, can apply.
For a detailed price commitment, e-mail Quote@IntegrityTitleCo.com, or call 954-691-1950.

8. If my lender gets title insurance for its mortgage, why do I need a separate policy for myself?
The lender’s policy only insures their interest, and the amount of the loan typically is not the property value. In the event of a claim, there is no provision for payment of legal expenses for an uninsured party.

9. What is a survey, and do I need one?
A survey is the measuring of the real property by a surveyor indicating the boundaries of the property. In addition, the survey delineates the exact location of all improvements, encroachments, easements and other matters affecting the title to the property in question. Check with your lender to see if a survey is required as a condition of the loan.
Most condominiums do not require surveys. Some town houses and villas may require them.

10. What is the homestead exemption?
The Florida Constitution provides this tax-saving exemption on the first $25,000 of the appraisal value of your home. You may qualify for additional exemptions. Besides the tax-savings, it also limits increases in the assessed value of your home (“Save Our Homes” Amendment).

11. How can I file for a homestead exemption?
For complete details, click on the county in which the property you are buying is located to be connected to their Web site for more information.