Who Pays for Title Insurance in Florida?
When buying a home, especially as a first time homebuyer, it can seem completely overwhelming. From everything you have to do, such as putting down an offer, putting down earnest money, getting a home inspection, and packing up your belongings, your days are filled to the brim and probably overflowing. When it comes to paying for your home, it seems like there’s some fee here and there and everywhere that you must pay, including title insurance. But do you have to pay for title insurance or is that the seller’s responsibility?
Title Partners of South Florida prides itself on being the go-to title company in Broward County, Miami-Dade County, and Palm Beach County for both real estate agents and homebuyers. We do our best to give you the best closing experience possible, from having an activity area for the kids to providing you with snacks during the process. We want to make sure you understand what you are signing, and we take the time to explain it all — not just point out where you need to sign. Below, we’ll take a closer look at who does pay for title insurance in the state of Florida. Contact us today to get started!
Brief Definition of Title Insurance
As a reminder, title insurance protects both the buyer and the lender from losing money should an unforeseen problem arise with the title after closing. Such examples would be a claimant to the property appeared, or the person who sold you the home wasn’t legally allowed to do so. There are many reasons why a title might not be clear, which is why title insurance would protect financially you should something happen.
Who Pays for Title Insurance in the State of Florida?
In the state of Florida, the seller of the home typically pays for title insurance except in the following counties:
- Broward County
- Sarasota County
- Miami-Dade County
- Collier County
In these counties, the buyer will pay for title insurance. The fees for title insurance are regulated by the state of Florida, making them not unreasonable and about the same no matter which title insurance company you choose.
DON’T PANIC IF YOU HAVE TO PAY FOR TITLE INSURANCE!
Title insurance is not something to freak out about, if you’re the homebuyer in the above counties and you are obtaining a loan, title insurance can be folded into the loan, causing homeowners not to notice the minimal added expense every month.
Furthermore, do remember that in a homebuyer’s contract with the seller that everything is negotiable. Thus, if you do live in the the above four counties and find yourself having to pay for title insurance, you can negotiate in your contract for the seller to pay instead.
Tradition states that whoever pays for title insurance picks the title company. However, due to the Real Estate Settlement Procedures Act (RESPA), the seller cannot force a home buyer to use a certain title company as a condition of sale on penalty of fines.
Title Partners of South Florida definitely recommends that you get everything in writing in your sales contract. While we all like to think word-of-mouth is good enough, you can’t prove verbal words in court; a piece of paper, however, is priceless.
HOW TITLE PARTNERS OF SOUTH FLORIDA MAKES YOUR TITLE PROCESS SMOOTH AS GLASS
Title Partners of South Florida has one simple mission: to make your closing process enjoyable, pleasant, and memorable. After all, you are signing paperwork to be a homeowner, which is a dream of millions of Americans. Whether this is your first home or your 10th home deal, the feeling is the same: one of overwhelming satisfaction at having accomplished a dream. Normally, you are completely on pins and needles waiting for the process to be over so you can get the keys and run to your new home, and while we all wish for this, the reality is that signing paperwork at your chosen title company can be boring, long, and downright frustrating. Thus, we’ve done our utmost to change that view and make your home closing one to remember.
Title Partners of South Florida wants to make your day bright by giving you an efficient and timely loan closing process, all while entertaining the kids for you. Our goal is to ensure a smooth closing for both the buyers and the sellers who both are eager to start their new lives. Our caring team will work with you on closing times, and we don’t rush the process, leaving plenty of time for questions and answers
That being said, you can call us anytime throughout your home buying or selling process with questions that we can help with. For real estate agents, we do our best to make closing seamless, and we handle all of the titlework and loan closing paperwork for you, making your closing stress-free.
Title Partners of South Florida is the best title company and real estate closing company. We serve Broward County, Miami-Dade County, and Palm Beach County. Contact us today to get scheduled!