Q & A

Below are some of the frequently asked questions and answers about Title Services.  Please feel free to contact ‘Structure Title Services’ at 954-509-3752 for more information.
 
1. WHAT IS TITLE INSURANCE?

A ‘Title Insurance’ insures your ownership rights as well as the condition of your title. ‘Homeowner’s Insurance’ is not to be confused with ‘Title Insurance’ as they are not one and the same. ‘Homeowner’s Insurance’ will insure a property against any structural damage that may occur, whereas a ‘Title Insurance’ will insure against any defects that have occurred in the past that affect your chain of title presently.
 
2. HOW DOES TITLE INSURANCE PROTECT YOU?

Many risks are involved when purchasing a home. When title insurance is purchased over a specific property, a policy is issued; this document will protect the individual against title defects, both losses and damages.

A search will be conducted on the property to reveal all documents of public record such as forgery, fraud, unrecorded claims, judgments or liens. It is important to obtain ‘Title Insurance’ because if you do not purchase ‘Title Insurance’, the unrevealed defects become the property owner’s liability. Thus, it is critical for a property owner to obtain ‘Title Insurance’ to insure against unrevealed defects.
 
3. HOW DOES TITLE INSURANCE PROTECT THE Lender?

At the time of purchasing a property owner receives an owner’s policy –This insures the owner of   a clear title. When refinancing the lender granting a new mortgage will also require a title insurance policy (at the owner’s expense). The lender will be issued a mortgagee policy which will insure them that the title on the specific property is clear.
 
4. SELECTING A TITLE COMPANY?

Individuals at their discretion have the right to select a broker, realtor, or lender. Some may be recommend based on the experience they have encountered in past real estate transactions. There are also counties where the seller in a purchase/sale transaction chooses the title company and pays the title insurance premium. An individual is not obligated to use that company; but may be required to pay a premium of doing so.

 

5. WHAT IS A CLOSING?

A closing is the formality of finalizing a transaction, which consist, of all documents being properly processed and executed for either transferring or financing of a property.
 

6. WHAT IS REQUIRED TO ENSURE A SMOOTH CLOSING?

The ultimate goal in every real estate purchase or refinance transaction is to have a closing that will take place as scheduled. These transactions are detailed and constitutes of a long process that can be very stressful.  The expectation is to have all parties involved in a transaction to be cooperative to make the process efficient and smooth. If all parties involved are cooperative and provides information and documents as needed the process will progress effectively.

 

7. WHAT IS REQUIRED TO BRING TO CLOSING?

  • Two forms of I.D. –one of which must be a photo I.D.
  • (If applicable) Cash to close in the form of certified funds made payable to Structure Title Services.
  • Money Orders, Cashier Checks and Wire transfer are all acceptable.
  • Documents instructed by the individuals Title Company, mortgage broker, lender or realtor.
  • (If applicable) Condo or HOA approval.