Pensacola FL Homes Title Insurance

Did you know that there are more than fifty different ways to lose your property and only one way to protect it. Do any of these situations ring a bell? Forged Deeds, Mortgages, Satisfactions or releases; Deed executed under a falsified or expired power of attorney; Deed not properly recorded or even a Deed to land without a right of access to a public road or street. These are just a few of the many title defects that could cause you to lose your Pensacola Florida Home. 

A title insurance policy is the best protection for any loss you or your mortgage lender may experience relating to potential title defects that occurred prior to the date of your policy. Unlike car and hazard insurance which is protection for the future occurrences, title insurance is protection for past occurrences which remain hidden despite the most thorough title search. A title insurance policy will reimburse you or your mortgage lender for the loss suffered due to any defects up to the amount of the policy and unless specifically excluded, it will provide for legal defense costs. The two most common types of title insurance policies are an Owner’s Policy and a Lender’s Policy. 

An Owners Policy protects the Owner of the property and usually is based off the purchase price in the event of a sale and the appraised value in the event of a refinance. An Owner’s policy can be purchased for a one time fee and lasts as long as you have a vested interest in the property. An Owner’s policy can also be provided to any title company to receive a reissue credit on future policies when selling vacant property, selling a home purchased within the last three years and refinancing your home. 

A Lender Policy protects the Mortgage Lender up to the amount of their loan. A Lenders policy is normally required in most states to close a loan. A new lenders policy will be required each and every time a new loan is obtained, whether it is with the same lender or not. A lender will require an updated title search to uncover any potential title defects that may have arisen since you purchased the property, along with the issuance of a new policy.

The pricing of title insurance varies by state. Some states do not regulate premiums but the vast majority of state governments do regulate the premiums for properties in that state. Florida is a regulated state and rates are promulgated and used by all title insures in the state.

For more information about Pensacola FL homes for sale, Pensacola MLS, or Pensacola Realorts give our agents a call (850) 995-3222. We would be honored to assist! From everyone at Grand Realty, Thanks for your business “You’re Almost Home.”