As the real estate market continues to be hot in Florida, it’s important to know some facts about title insurance. The general guideline is, the one who pays for title insurance usually chooses the title company that will handle the transaction. But did you know that the party that chooses and pays for title insurance traditionally varies from county to county?
In this article, we’ll focus on the two counties where most of our client’s transactions are based.
In Palm Beach, the seller usually chooses the company and pays for the lender’s title insurance policy, unless the purchase agreement states otherwise. That means if you are buying a property in Palm Beach, unless the contract expresses otherwise, the guideline is that you will approve of whichever title company the seller chooses. However, in Broward, it is typically the buyer who chooses and pays the title insurance premium. It’s important to know this distinction so both parties know how to proceed in price negotiations and the overall closing process.
While it is not required, if you are buying or selling a home in Palm Beach or Broward County, you can certainly benefit by having a reputable company to handle your title, escrow, and closing needs, making sure the process is smooth and efficient. Some general benefits include:
- Security of Documents and Transactions
- Compliance with Regulatory Standards
- Speedy and Efficient Closing Process
- Excellent Customer Service to assist you throughout the process
You can further benefit from choosing an attorney-based title company like ours with additional benefits such as:
- Realtor and lender fee review to avoid overpayment or non-contractual payment obligations
- Review, representation and resolution of any unknown title liens
- Timely and experienced representation for any unexpected issues throughout the transaction
When choosing The Law Office of Donna Hearne-Gousse, P.A. for your title, escrow, and closing needs, you’ll enjoy these ‘attorney-related’ benefits similar rates, and in many cases lower rates than a standard title company will charge.
The Law Office of Donna Hearne-Gousse