Real estate title insurance is mainly issued in the United State upon the purchase of a property. It can be defined as an insured statement of the conditions of one’s title or ownership rights to a certain property, either a building or a piece of land. The major objective of title insurance is to protect property owners and the lender’s financial interest in the real estate against financial loss because of defects in title, liens, judgments or other factors. It comprises different facets such as lien searches, title policies and title commitments, among others.
A title insurance policy ensures that the real estate being mortgaged or purchased is free from defected liens and undisclosed rights and also, it guarantees that any doubt or confusion related to rights of ownership will be resolved in favor of the owner of the property or the title insurance company will be accountable for loss in value to the policyholder up to the conditions and limits of the policy. A lien that shows up in a title search Florida will mark the title to be defective, thereby, making the title of the property unmarketable
An individual who is buying a certain property is given the opportunity to purchase a title insurance policy by the title agent, settlement agent, lawyer or escrow company conducting the property closing. For instance, an investor decides to buy a property in Fort Lauderdale and is acquiring a mortgage from a bank or traditional lender to help them finance their purchase. That specific banking institution or lender will need a thorough examination of the title to the property and have the party reviewing the title provide them a lender’s policy of title insurance guaranteeing that the real estate is or will be owned by the buyer and that there are no defects in title, liens, judgments, etc, which would negatively hamper the marketability of its mortgage.
If you are looking for a reliable company in that can provide you title insurance with the lowest rates, Independence Title is your go-to destination. They are dedicated to providing title insurance as well as related real estate settlement services to the clients throughout the State of Florida.
About Independence Title:
Independence Title is one of the top most title insurance companies offering title insurance, real estate closings and Florida Title Insurance Calculator. Independence Title is here to help in your real estate closing by delivering the best title insurance costs in the State of Florida. For more details visit TitleRate.com.