A title refers to your legal right to own, use or do anything to the home you’re purchasing. Your title insurance protects you and your lender’s investment from prior rights or claims other parties may have on your property, also absolving you from any outstanding debts or liens of prior owners. Once hired the title agent prepares and obtains title searches, examines the property title, puts together closing documents, prepares and issues title insurance, conducts the closing, and disburses funds to all pertinent parties. In Florida premiums are set by the state of Florida, agents’ portion of premium and agency fees may be negotiated. Your title insurance underwriter will be the one to defend you or your lender from any claims. In the state of Florida, the buyer or seller may purchase the lender and owner policy. This is a one-time premium that remains in effect so long as you or your heirs own the property.
Florida’s Title Insurance Rules
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