Yes! A home is typically your largest investment. Title insurance will protect an owner of property if there is a problem with the title after the closing date. The underwriter or insurance company will defend against a lawsuit attacking the title of the property or reimburse the owner for the actual monetary loss caused by the defect, up to the dollar amount of insurance provided by the policy. There are numerous title discrepancies that even the most diligent search could fail to disclose, such as:

• Errors in Public Records
• A forged will or deed
• Unknown liens and encumbrances, e.g. missing interests, easements, or other rights
• A married person conveying real estate without his /her spouse
• Fraudulent impersonation of previous owner
• Improper execution of closing documents
• Improper recordings (misfilings)
• Undisclosed or missing heirs
• Invalid divorces
• False affidavits
• Boundary or survey disputes

The above items are just a few of the potential problems that could unexpectedly arise. Even if a title defect doesn’t cause an owner to lose the property altogether, it could make it impossible or extremely difficult to sell the property. If an owner were forced to defend his/her property rights in court, the cost would be significantly greater than the cost of the one-time premium for an Owner’s Policy of Title Insurance.

Florida title insurance rates are set by Florida statute based on the purchase price of the property. The average cost of a loan policy is $3.50 per $1,000.00 of loan. The average cost of an owner’s policy is $2.50 per $1,000.00 of purchase price. An Owner’s title insurance premium cost is about half percent (0.5%) of the purchase price of the property and less than ten percent (10%) of the closing costs. The insured will pay a one-time premium at closing; there are no annual premiums or other amounts owed. A Loan Policy is effective for the life of the loan. An Owner’s Policy, however, is effective as long as the owner or his/her heirs retain an interest in the property or remain liable for any warranties on the title.

Selling a house or helping someone buy or sell their home if you are a Realtor, can be an exciting time. One of the most common questions we get from Realtors and home sellers alike is “when will I get my check?”

This is understandable as there has been a lot of work and patience to get the transaction done. Plus, who doesn’t like a payday!

WHEN WILL I GET PAID?

We make every effort to pay all of the parties involved quickly, oftentimes the same day the transaction closes. However, this can vary based on the day or time of day the closing occurs. For example, most banks aren’t open after 5 or 6 pm and are closed on weekends.

That said, here is when you can expect to be paid for your closing or your commission if you were part of helping a transaction become a done deal:

SELLERS & REALTORS

If you are owed net proceeds from the sale of a house, or a Commission as Realtor, you can usually expect a check to be cut the same or next business day.

Of course, if you are out of town, the check will be mailed, so estimate an extra day or two to actually receive it.

If you’d like to receive the funds very quickly, it might be a good idea to select a Monday-Thursday closing date. This way you shouldn’t have to wait until the following week if banks or offices are closed.

PAPER CHECK VS WIRE TRANSFER

It is often assumed that Wire Transfers are faster than receiving a paper check. However, this isn’t always true. Wire transfers sometimes require more verification and approvals (due to cyber fraud) and as a result may even take an extra 24 hours to receive the funds.