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Many ask, Why is Title Insurance necessary for every real estate transaction? The answer is simple, to protect your investment. When buying a home, townhouse or condominium, commercial or investment property, your legal rights of ownership can be jeopardized by a hidden risk, or defect in your title. Any one of a variety of defects may appear unexpectedly, only to result in a costly loss or require time-consuming hours and effort to resolve.

Title insurance protects you from damages and expenses incurred as a result of hidden defects in your title. Defects include:

• Improper legal description
• Forged signatures
• Title taken as a result of an improperly probated will
• Deed signed by someone who is not the owner
• Missing Heirs
• Falsification of records

Title searches start with the most recent deed, searching the grantee’s name (the person now holding title) backwards in time, until the deed when the grantee acquired the property is located. That grantor’s name is then searched backwards in time in the grantee’s book to find when the grantor acquired title as a grantee. This process continues, and over time, the property description involves larger and larger parcels of land. Eventually, the searcher finds the U. S. Patent.

Payment of Title Insurance differs from county to county, but it is also negotiable in the purchase offer. Sometimes sellers and buyers split the fee for the owner’s policy. Typically, the buyer pays for the lender’s coverage. Title Policy Insurance Premiums are paid once. The fee is due when you buy.

1st Trust Title, headed by Commercial and Real Estate Attorneys Neal Kalis and M. Scott Kleiman, of KALIS & KLEIMAN, P.A. pride themselves on not just being lawyers, but being lawyers and trusted counselors. They have more than 50 years of combined experience, and they have led and participated in real estate transactions and development projects that have helped shape Ft. Lauderdale’s skyline and Davie’s growth.

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This entry was posted on Sunday, September 13th, 2009 at 6:49 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.