Title insurance protects you against any financial loss related to the ownership of a property. This can occur in the form of an overdue loan, mortgage, unpaid taxes, another claimant or liens against the property. Boca Raton title insurance protects you against any financial loss that you may suffer due to these ownership-related issues.
There are two types of title insurance: lender’s policy and owner’s policy. The lender’s policy is required by the lender, since any issues with ownership will affect the lender’s security. The owner’s policy protects your interests and covers the value of the property at the time of purchase.
Unlike other forms of insurance, title insurance protects against events in the past. It will not protect you if there are any issues regarding the ownership after you buy the insurance. For example, it does not protect your interests if you forget to pay your mortgage later.
A title company will typically do a title search before selling Boca Raton title insurance. The search is conducted to ensure that there are no contesting claims to the ownership of the property, which in turn minimizes the risk associated with the title.
The Infographic below looks at title insurance and the different types that are available in the market to protect property owners against loss of title or ownership. Title insurance is a kind of indemnity that safeguards ownership rights or title of a property.
Two main types of title insurance are lender’s insurance and owner’s insurance. Lender’s Insurance protects against any loss for as long as they have an interest in the property. This kind of Insurance covers all risk through the duration of the mortgage. As an added safety precaution, the loan policy is generally included on the loan amount.
Owner’s insurance, on the other hand, is put in place to protect the interests of property owners and the legal heirs of their property, for as long as the property is owned by them. The primary purpose of an owner’s policy is to pay for legal protection against any valid claims made on the title.
For more information, refer to the infographic below.
Commercial property transactions could involve purchase, sale, lease, new construction, title or settling disputes. It is highly recommended that you hire a Coral Springs real estate lawyer for these kinds of transactions. Hiring an attorney can benefit you in many ways, such as:
Savingtime: Legal procedures for these kinds of transactions can take up a lot of your time. You must read each rule and stipulation, go through every contract line-by-line, complete forms, and follow up with courts and other parties. Hiring a lawyer can alleviate the stress of these tasks for you.
Removing risks: Hiring a lawyer removes the risk of missing important factors of the legal process in your transaction. Even a small mistake can have a damaging penalty. A lawyer will make sure that every deal is legitimate and in your best interest because it is their primary responsibility to see that your documents are in accordance to the law.
Protecting your interests: Even if you do not have a Coral Springs real estate lawyer, the other party will most likely have one. You need a lawyer to see that your interests are always protected, no matter the nature of the deal. One of the main responsibilities of your lawyer is to see that there are no errors in your legal documents and contracts that can affect you later.
Research shows thatover 70% of people whoare involved in real estate transactions are not aware of all the risks associated with buying or selling property. Whether you are the buyer or the seller, you should find a good real estate lawyer in Boca Raton that can help you throughout the process.
Real estate transactions involve large amounts of money. Several researchers have suggested that real estate dealings are a common target for fraud. There is a lot of paperwork that must be completed and If you don’t have a legal background or have never done a real estate deal before, the process may be overwhelming for you. It is highly recommended that you have a real estate attorney in Boca Raton by your side during the process of buying or selling property.
Buying property seems like a straightforward task:pay the owner and the property is yours,or pay them through an agent. There are, however, tedious aspects of buying property that a real estate attorney could be of great help with.In some cases, an attorney may be legally required, however, the state of Florida does not require legal representation. So, why invest in a real estate attorney Boca Raton when it is not required? READ MORE
If you are planning to buy or sell property, you should start looking for a good real estate lawyer Boca Raton. Real estate lawyers specialize in property-related laws and because these laws vary from state to state, it is highly recommended to hire an attorney to assist you. Here are some ways to find the best real estate lawyer in your area: READ MORE
The infographic below describes the purpose for title insurance. Title insurance is a form of indemnity insurance which insures against financial loss from defects in title to real property. READ MORE
When purchasing property, hiring a Hiring a real estate attorney Boca Raton is highly recommended to help protect your investment. Whether you are buying or selling a property, you should hire a real estate lawyer for the following reasons: READ MORE
Title insurance is an indemnity insurance that protects its holder from any loss that arises from defects in the property title. The two type of Boca Raton title insurance found in property transactions are: READ MORE