Title insurance is used for the protection of property buyers and mortgage lenders. It issues insurance against the defects or problems that may arise with a title when an individual is purchasing a house. There are two types of title insurance polocies that are typically purchased. These include owner’s policy and lender’s policy.
In owner’s policy, the new owner is protected.
In lender’s policy, the lender is protected.
The ultimate purpose of Orlando title insurance is to protect the buyer of the property and the lender against any potential losses or liabilities. That means if something goes wrong in the documentation process or the process of title transfer for the property, the lender and buyer can minimize their losses.
Securing title insurance can be looked at as a standard stepping stone in the real estate process. In this process, there are different types of title insurance available for the protection of both the lender and the buyer from litigation. This is if the seller doesn’t have free and clear ownership of the property he is trying to sell. Most lenders suggest purchasing title insurance for buyers. In this process, you only have to pay for the title insurance once and it will remain intact until the property is sold or refinanced.
However, for the title process, there are certain steps to consider. Before a buyer obtains Orlando title insurance, the first vital step to buying a home is to ensure that property is legally available, for sale, and purchased.
To do that, title searches are currently being conducted as part of the standard real estate transaction to ensure any issues on the purchase are avoided. The seller of the property should have valid and clear ownership of it. This means that they can then rightfully transfer the full ownership of the property to the buyer.
An attorney for the real estate transaction would typically conduct the search. During the search process, the attorney would review public property records to make sure no errors are in the property’s title.
Title search procedures are conducted through public records. These records would show all the documents relating to the title. The documents are then examined and used to develop a history of ownership of the property. A title search is generally used to discover:
- The current status of ownership of the property.
- The current owner of the property.
- Limitations or restrictions on the owner’s property. (This includes factors such as mortgages, easements, and liens.)
- Once the search has been conducted, the acquired information is then used to determine the amount of the title insurance required.
To establish your Orlando title insurance procedure with minimal issues, it would be advisable to seek the assistance of a title agent. This is because the purchase of real estate is a significant investment and protecting oneself against liabilities and losses is essential.
A competent title agent for Orlando title insurance would be able to conduct title searches, examine title insurance policies, and ensure the transaction of your real estate procedure is successful and safe. If that’s what you’re looking for in an attorney, contact the Gretchen Ortiz Law Firm now. Here at the Gretchen Ortiz Law Firm, we guarantee the best attorneys to take your case and make sure it is diverted in the right direction. We don’t lose! Contact us now, for a consultation.
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