After the customer opens a title order, our experts at Zing Title do a title search. A preliminary report called “a title commitment to insure” is given to all parties of the purchase agreement for review and approval. At the closing, the title policy is created and given to the customer.
Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the actual policy. These things could cost the owner a lot of money to fix unless they are insured.
Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions. There are two types of title insurance policies – an owner’s policy and one [...]
Simply stated, the title to a piece of property is the evidence that the owner is in lawful possession of that property. In Florida, the seller must convey marketable title to a purchaser.