Tips for Shopping for Title Insurance on Your Florida Home
When buying a new home in Florida, chances are you are spending hundreds of thousands of dollars, and that’s just for the house. Title insurance will be somewhere in the ballpark of a thousand dollars, barely a fraction of the money you are spending yet still a significant cost that you watch. Every extra penny saved on the closing costs of your house is one more you will to use for furnishing it.
6 Secrets You Didn’t Know About Home Title Insurance in Florida
Title insurance is one of the many costs you will incur during the closing of your home. This policy ensures that if there is a problem down the line with the chain of title for your new Florida home, your lender will not lose on his investment. You can save money on this policy by learning a few secrets beforehand:
Buy Simultaneous Policies – Lenders will not close on a home without first seeing a clear Florida title..
When buying any type of real estate in Florida, you want assurance that it has a clear title. The title determines the home’s ownership, and can be encumbered by liens or conflicting claims of ownership. These will lead to a financial blow to your bank account and possibly losing your new Florida home if the issues are not cleared up before you take over ownership.
The only way to make sure that does not happen is with a Florida title search.
The idea sounds good, an auction where you can bid your own price for the home of your dreams. But unless you are extremely careful, that dream quickly can turn into a nightmare. For people who don’t know their way around the real estate world, home buying at auction can be a bad decision.
Common Questions Answered About Florida Title Insurance
During the months preceding closing on a home, there are a lot of processes that you will go through, including a Florida title search. Once the title is cleared, you will be able to purchase title insurance for the home. For first time homebuyers in Florida, understanding the process and why it is necessary can sometimes be confusing.
What exactly is title insurance and why do I need it?