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The purpose of title insurance is to secure your legal claim to the property and protect you against title “defects” — legal rights to a property claimed by someone else.  Unfortunately, hidden defects can surface even after you’ve gone through closing, and a myriad of situations can stand between you and a marketable title.  With title insurance, the title insurer not only pays the costs if you’re ever forced to defend your ownership in court, but covers any financial loss if the title defects can’t be settled.

Key Benefits of Title Insurance

• Since your ownership rights must be legally protected, a person trained in the complexities of real estate law is best qualified to issue your owner’s title insurance policy.  That’s what Erik V. Korzilius, P.A. offers you.  Since the fee for title insurance will be about the same with or without a real estate attorney, it just makes sense to get the added value of an attorney’s legal advice and counsel.

• To get a mortgage you’ll have to buy a lender’s title insurance policy.  This protects the lender against any title problems.  But to protect your interests, you’ll need owner’s title insurance, as well.

• Attorneys’ Title Insurance Fund, Inc. — The Fund — was created in 1948 in Orlando, Florida.  The Fund is the nation’s sixth-largest title insurance underwriter.  They underwrite over 300,000 title insurance policies every year.  With almost 25% of the state’s title insurance market, they are by far the leader in Florida, which is the third-largest title insurance market in the U.S.

Pricing

The premium charge for title insurance is set by the Florida Statutes

From $0.00 to $100,000.00 the premium is $5.75 per $1,000.00 of coverage.

From $100,000.00 to $1,000,000.00, the premium is $5.00 per $1,000.00 of coverage.

Simultaneous Mortgagee Policies are $25.00, if the mortgage amount is less than or equal to the sales price.

Most endorsements required by lenders are $25.00, with the exception being the Florida Form 9, which is 10% of the total premium.

Reissue credit is always available on Mortgagee Policies, even if the policy was written on an underwriter other than The Fund.   This can result is substantial savings when refinancing a mortgage.

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Erik V. Korzilius, Board Certified in real estate law.

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Last modified: 07/25/08