- (772) 321-2113
Meet Our Title Partners
Below are trusted Vero Beach title companies we do business with on a regular basis.
Stewart Title
Cindy Silverstein
Address: 333 17th Street, Suite F
Vero Beach, FL 32960
Phone: 772-569-7603
Fax: 772-569-6006
Email: CSilvers@Stewart.com
Website: www.stewart.com/vero-beach
Lawyers Title
Address: 2605 Ocean Drive
Vero Beach, FL 32963
Phone: 772-231-5406
Fax: 772-231-1532
Email: Gloria@LTAgency.com
Website: www.LawyersTitleAgencyVeroBeach.com
Basic Steps of Closing
1. Starting the process
An "escrow" or "sales" contract (agreement to close) starts the process by opening a title order. Then the file gets processed. This is when tax information, loan payoffs, survey if necessary, homeowner/maintenance fees, inspections/reports, and hazard and other insurances as well as legal papers are ordered and title commitments/preliminary reports are reviewed and sent out.
2. Title search and examination
This is a search made of the public records. Records searched include deeds, mortgages, paving assessment, liens, wills, divorce settlements and other documents affecting title to the property. Title examination is the examination of the documents found during the title search that affect the title to the property. This is when verification of the legal owner is made and the debts owed against the property are determined.
3. Document preparation and/or request to produce
Review lender instructions/requirements, review instructions from other parties to transaction, review legal and loan documents, assemble charges, and prepare closing statements and set closing.
4. Settlement/closing the transaction
Escrow/settlement officer oversees closing of transaction. Seller signs deed, buyer signs new mortgage, old loan is paid off, new mortgage is signed. Seller, real estate professionals, attorneys and other parties to the transaction are paid. Documents are recorded in the county in which the property is located.
5. Post-closing
After the signing has been completed, the title agent will forward payment to any prior lender, pay all parties who preformed services in connection with you closing, and pay out any net funds to the seller before recording the documents with the county. This all happens without any needed involvement from the buyer or seller.
Why Title Insurance
Protecting your Home Investment
A home is usually the largest single investment any of us will ever make. When you purchase a home, you will purchase several types of insurance coverage to protect your home and personal property. Homeowner's insurance protects against loss from fire, theft, or wind damage. Flood insurance protects against rising water. And a unique coverage known as title insurance protects against hidden title hazards that may threaten your financial investment in your home.
Protecting Your Largest Single Investment
Title insurance is not as well understood as other types of home insurance, but it is just as important. You see, when purchasing a home, instead of purchasing the actual building or land, you are really purchasing the title to the property - the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. Title insurance protects against these types of title hazards. Other types of insurance that protect your home focus on possible future events and charge an annual premium. On the other hand, title insurance protects against loss from hazards and defects that already exist in the title and is purchased with a one-time premium.
Two Kinds of Title Insurance benefit You in Two Ways
There are two basic kinds of title insurance:
Most lenders require mortgagee title insurance as security for their investment in real estate, just as they may call for fire insurance and other types of coverage as investor protection. When title insurance is provided, lenders are willing to make mortgage money available in distant locales where they know little about the market.
Owner's title insurance lasts as long as you, the policyholder - or your heirs - has an interest in the insured property. This may even be after you have sold the property.
Depending on local practices and state law where the property is located, you may pay an additional premium for an owner's policy or you may pay a simultaneous issue charge - usually a smaller amount - for the separate lender coverage. You may even split settlement costs with the seller for the lender or owner's policy.
What does Your Premium Really Pay For?
An important part of title insurance is its emphasis on risk elimination before insuring. This gives you, as the policyholder, the best possible chance for avoiding title claim and loss.
Title insuring begins with a search of public land records affecting the real estate concerned. An examination is conducted by the title agent or attorney on behalf of its underwriter to determine whether the property is insurable. The examination of evidence from a search is intended to fully report all "material objections" to the title. Frequently, documents that don't clearly transfer title are found in the "chain," or history that is assembled from the records in a search.
Here are some examples of documents that can present concerns:
Through the search and the examination, title problems are disclosed so they can be corrected whenever possible. However, even the most careful preventative work cannot locate all hidden title hazards.
Hidden Title Hazards - Your Last Defense
In spite of all the expertise and dedication that go into a title search and examination, hidden hazards can emerge after closing, resulting in unpleasant and costly surprises. Some examples of hazards include:
A forged signature on the deed, which would mean no transfer of ownership to you;
An unknown heir of a previous owner who is claiming ownership of the property;
Instruments executed under an expired or a fabricated power of attorney; or
Mistakes in the public records.
Title insurance offers financial protection against these and other covered title hazards. The title insurer will pay for defending against an attack on title as insured, and will either perfect the title or pay valid claims. All for a one-time charge at closing.
Your home is your most important investment. Before you go to closing, ask about your title insurance protection, and be sure to protect your home with an owner's title insurance policy.
Title Policy Coverages
Coverages Under a Homeowner’s Title Insurance Policy
Title insurance offers financial protection against title problems that could not be found in the public records, are inadvertently missed in the title search process, or those that may arise from fraud or forgery.
The title policy a lender requires only covers the lender’s interest in a property.
The Homeowner’s Title Policy has a one-time charge and includes coverage for the homeowner on a number of items detailed below. If your home’s title is challenged based on a covered item, the title insurer will pay for defending against the challenge and will either “perfect” (make perfect) the title or pay the valid claim.
The ALTA* Homeowner’s Policy is a collection of coverages designed to meet the concerns of our homeowner customers.
*American Land Title Association
Comprehensive Coverage For Every Concern
The Homeowner’s Title Policy is Stewart’s premium title coverage for owners of single-family residences and condominiums.
Comprehensive Coverage for Every Concern
From building permit and restrictive covenant violations, to living trust and zoning coverages, the Homeowner’s Policy protects against common, frustrating problems that can plague today’s homeowner.
Many of the coverages and protections available through our Homeowner’s Policy, such as post-policy encroachment and adverse ownership, ensure Stewart will pursue corrective action or provide additional compensation. And the policy protects your investment for as long as you or your heirs own the property.
Trust the Homeowner’s Policy backed by the company with more than 100 years of service and satisfaction.
More Coverage, More Peace of Mind
Our Homeowner’s Policy offers 12 extended coverages to accommodate your specific needs.
Building Permit Violation Coverage
Covers up to $25,000 after a deductible equal to the lesser of one percent of the policy amount, or $5,000. This coverage applies if the policyholder has to remove an existing structure built by a previous owner who did not obtain the required permits.
Subdivision Map Act Coverage
Pays up to $10,000 after a deductible equal to the lesser of one percent of the policy amount, or $2,500. This coverage applies if the policyholder cannot close a sale, secure a loan or obtain a building permit because the land, was improperly subdivided prior to purchase.
Location Coverage
Insures that the home has the same address as the property insured in the policy.
Restrictive Covenant Violations Coverage
Protects against loss of title if someone attempts to enforce an existing restrictive covenant due to a violation that occurred before the policy date. The only exception to this coverage would be loss relating to maintenance or repair on the land or due to environmental protection issues.
Zoning Coverage
Protects if the policyholder is forced to remove or remedy an improvement because it violates zoning laws. Protection for forced remedy of violations is subject to a deductible and a maximum dollar amount.
Post-Policy Coverage
Protects against possible post-policy ownership claims which may decrease property value.
Enhanced Access Coverage
Covers actual pedestrian and vehicular access.
Encroachment Coverage
Protects against someone building a structure (excluding boundary walls and fences) that encroaches on insured property.
Supplemental Taxes
Protects against supplemental taxes for construction, change of use or ownership.
Coverage for Structure Damage from Extraction of Minerals, Water and Other Substances
Protects all structures and landscaping on property, including future improvements, against damage caused by others using the land for extraction and development of minerals, water and other substances.
Automatic Coverage Increases
Each of the first five years, the policy amount will automatically increase by 10 percent in value, up to a total of 150 percent to cover increases in the value of the insured property.
Living Trust Coverage
Extends policy protection beyond the probate to include trustees.
Copyright ©2012Realty Times®. All Rights Reserved
