How much does title insurance cost?
In Florida, the cost of title insurance is governed by Florida Statutes. In most cases, the “promulgated rate” will apply, and will be approximately 1/2 of 1% of the total purchase price. In limited situations, there is an available discount, known as “reissue credit”, which can substantially reduce the premium. It is often available in refinance transactions.
In a purchase transaction, who pays for title insurance?
The purchase contract typically contains a provision which delineates who pays for title insurance. Florida is unique in that each county tends to have its own “tradition” with regard to who typically pays. For example, in Broward County, the buyer usually pays while in Palm Beach County, the seller usually pays.
In a purchase transaction, who selects the title company?
The purchase contract typically allows the party responsible for paying for title insurance to choose the title company.
Aside from the title insurance premium, what are some other fees I should expect from the title company at closing?
At Threshold Title, we do not “nickel and dime” our clients. We only charge a closing fee, so items you might see charged by other title companies, like wire fees, copy charges, storage fees, title search fees, administrative fees, courier fees and other “junk fees” are not a part of Threshold Title.
Is title insurance required?
Typically, if you are borrowing funds to purchase real property, the lender will require a “lender’s” title policy. As the property owner, you will have the option of purchasing an “owner’s” title policy. Although not required, if you are purchasing real property in Florida, an owner’s title insurance policy is a wise investment. It will protect you from many hidden title defects which do arise from time to time. The relatively small premium is a one-time expense, paid at the closing, but the insurance policy will remain in force for as long as you own the property. If you purchase the owner’s policy and the lender’s policy at the closing, you will receive a substantial discount on the total premium.
