In Florida, the person who pays for the title insurance varies per county. In some cases, negotiations can be with respect to costs in the contract. Customarily, the seller pays for the title insurance and picks the title company in most counties in the state. The exceptions to this are generally Broward, Miami-Dade, Collier and Sarasota counties.
The Differences Between Title Insurance in Broward County vs Miami-Dade County vs Palm Beach County
The customary difference between title insurance in Palm Beach County and title insurance in Broward County and Miami-Dade County is the person who picks the title company and pays for the Owner’s Title Insurance Policy.
In Palm Beach County, customarily the seller chooses the title insurance company and pays for the Owner’s Title Insurance Policy. However, in Broward County and Miami-Dade County, the homebuyer customarily picks the title company and pays for the Owner’s Title Insurance Policy. The homebuyer will also have to pay for the Lender’s Title Insurance Policy, if applicable. There are no major differences between the owner’s title insurance in Palm Beach vs. Broward or Miami-Dade Counties.
Importance of Understanding Who Pays for Title Insurance and Who Chooses the Title Company
It’s vital to know who is required to pay for title insurance in Palm Beach and who covers the cost of title insurance in Broward and Miami-Dade Counties. That way, you know what your true cost is, how to negotiate the purchase/sale price and who will be handling your closing and issuing your Owner’s Title Insurance Policy.
The last part is extremely important. Who will be handling your closing and issuing your title insurance policy? If the seller chooses a company for you who does not have a good reputation, you could be dealing with communication issues and closing problems up to and including post-closing.
The person who pays is generally the one who chooses the title company. So, if you’re buying a property in Palm Beach County, you’ll most likely have to wait for the seller to choose the title company – unless you instruct your agent to negotiate otherwise.
On the other hand, if you’re buying a home in Broward County or Miami-Dade, you’ll most likely be free to choose your title company.
Either way, it’s good for you to be familiar with the section of the contract that determines who pays and chooses – and discuss it with your real estate agent prior to signing the contract. You may also call a reputable title company in South Florida such as Title Partners of South Florida to discuss your options.
What Can You Do About the Closing Contract and Control Costs?
In Broward, Collier, Sarasota and Miami-Dade counties, the buyer can generally take charge of where the closing takes place. But, for the buyer to choose where closing occurs in other counties, the buyer may add the desired title company to the special instructions section of the contract.
Approval of this choice is, however, subject to certain terms and conditions and a mutual agreement between the seller and buyer.
What’s the Value of Choosing a Trustworthy and Experienced Title Company?
When you’re buying a home in Broward, Palm Beach or Miami-Dade Counties, you should seek the guidance and support from a reputable title company. Here are the benefits of choosing an experienced company like Title Partners of South Florida:
- Security of Documents and Transactions: All the closing documents and financial transactions are handled by professional escrow and title officers. Your personal and financial information is kept private and secure.
- Compliance With Regulatory Standards: All closing procedures comply with the standards of the American Land and Title Association and the Consumer Financial Protection Bureau.
- Speedy and Efficient Closing Process: The closing process is fast, and communication is efficient. We strive to complete the process within the agreed timeline – many times even sooner.
- 24/7 Transaction Management Platform: Keep track of the entire closing process with our 24/7 transaction management and communication platform that’s also accessible via your mobile device.
- Excellent Customer Service: You’ll enjoy unique, personalized service. All procedures, documents, forms and transactions are carefully explained to you.
Get in Touch With Us for a Professional, Engaging and Memorable Closing Experience
Give us a call now at 954-566-6000 to get the answers you need to all your questions about title insurance in Broward, Miami-Dade and Palm Beach counties. You can also visit our free quote page for title insurance and other closing costs.