As if purchasing a home wasn’t a hefty enough price tag. Then you have the closing costs, homeowner’s insurance, maybe HOA fees, mortgage insurance, escrow fees, survey and appraisal fees, etc., etc. We get it. Who wants to add another fee to the pile?
Title Insurance, the Bright Side
And yet, there are some serious pros to the cost of title insurance. First off, the Florida Department of Financial Services moderates title insurance companies, so fees will be consistent from one title company to the next.
Additionally, title insurance is a one-time fee. No need to worry about recurring payments or settling up with an escrow account. One and done, forget it and move on. And it’s good for as long as you or family own the home.
Another pro to title insurance is that it protects you, the home buyer, from all defects, fees and faults of previous homeowners. This is the entire reason behind title insurance. When a secure title company searches and reviews the title for new home, it’s essentially like being handed a clean slate. No need to stress about past liens, foreclosures or other issues that came before you.
So, Who Pays for Title Insurance?
Most closing and purchase fees fall on the shoulders of the buyer, but luckily, in most counties in Florida the seller pays for title insurance.
There is an exception to this law in the following counties:
- Broward County
- Sarasota County
- Miami-Dade County
- Collier County
Yeah, we know, Miami-Dade…But you don’t have to despair just yet if you live in these counties. First, everything in the contract is negotiable. A savvy real estate agent might be able to find some wiggle room and get you out of paying for title insurance.
But even if you do end up saddled with the title insurance premium, it’s not a deal-breaker. Title insurance is a very reasonable premium and it can be bundled in with the loan. Chances are, you won’t even notice the minimal addition. You can just consider it a necessary expense, like an inspection or homeowners insurance, something that adds to your confidence and security in purchasing a new home.
Here at Dania Fernandez and Associates we consider it our duty to protect home buyers, that’s why we have added Secure Title Services to our repertoire. With us, you can rest secure with a clean and easy title insurance process.