Gustavo A. Fernandez, P.A. offers a variety of real estate and legal services.
Real Estate Transactions
We represent Buyers or Sellers in negotiating and reviewing real estate contracts, and assist Buyers or Sellers with performing their due diligence to make sure they comply with all the time sensitive events pursuant to the contract. Our firm will also assist with any document preparation that may be necessary and accompany clients to closing in the event it is conducted in someone else’s office.
Title insurance is a form of insurance which insures against financial loss from defects in title to real property and from invalid or unenforceable mortgage loans. Title insurance is meant to protect an owner’s or a lender’s financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.
Title Theory vs. Lien Theory States
In Lien Theory States such as Florida, the deed stays with the borrower (mortgagor), and the lender (mortgagee) places a lien (mortgage) on the property. When the loan is fully paid the lender will issue a satisfaction of mortgage.
In a Title State, the lender (mortgagee) holds title to the property in the name of the borrower through a Deed of Trust. When the loan is fully paid the title is re-conveyed to the borrower.
Two Types of Policies
The American Land Title Association (“ALTA”) forms are almost universally used throughout the country though they have been modified in some states.
The owner’s policy assures a purchaser that the title to the property is vested in that purchaser and that it is free from all defects, liens and encumbrances except those listed as exceptions in the policy or are excluded from the scope of the policy’s coverage. It also covers losses and damages suffered if the title is unmarketable. The policy also provides coverage for loss if there is no right of access to the land. Although these are the basic coverages, expanded forms of residential owner’s policies exist that cover additional items of loss.
The liability limit of the owner’s policy is typically the purchase price paid for the property. As with other types of insurance, coverages can also be added or deleted with an endorsement. There are many forms of standard endorsements to cover a variety of common issues. The premium for the policy may be paid by the seller or buyer as the parties agree. Usually a custom in a particular state or county on this matter reflects in most local real estate contracts. One should inquire about the cost of title insurance before signing a real estate contract that provides that he pay for title charges. A real estate attorney, broker or loan officer can provide detailed information as to the price of title search and insurance before the real estate contract is signed. Title insurance coverage lasts as long as the insured retains an interest in the land insured and typically no additional premium is paid after the policy is issued.
This is sometimes called a loan policy and it is issued only to mortgage lenders. Generally speaking, it follows the assignment of the mortgage loan, meaning that the policy benefits the purchaser of the loan if the loan is sold. For this reason, these policies greatly facilitate the sale of mortgages into the secondary market. That market is made up of high volume purchasers such as Fannie Mae and the Federal Home Loan Mortgage Corporation as well as private institutions.
We handle residential evictions starting at $750.00 plus costs for simpler default cases. An hourly fee may apply if case needs to be litigated further. Call 305-567-2499 for more information or to schedule a consultation.
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