You Ask? We Answer!

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How much are my closing costs?

 This is a question we get from every single buyer, seller and agent involved in the transaction. Well, the answer is not one. Closing costs are figures that we as the title company put together in the Closing Disclosure or Closing Statement that we gather from all parties involved. As title company, we only charge one single fee to the buyer, seller or borrower if refinancing. The rest of the figures such as title insurance, depend on the price of the property. Title companies issue title insurance based on the Florida Promulgated Rate. Loan policy is also calculated the same way. Then you have other factors such as loan fees, insurances, escrows, government fees, etc and these vary from transaction to transaction. For the most accurate estimate please contact our office and we will gladly put together a quote within 24 hours of your call! 

Why do we need title insurance?

  

An Owner's Title Insurance Policy is your best protection against potential defects that can remain hidden despite the most thorough search of public records. A Lender's Title Insurance Policy also exists to protect your mortgage lender's interest. Title insurance is not as well understood as other types of home insurance, but it is just as important. You see, when purchasing a home, instead of purchasing the actual building or land, you are really purchasing the title to the property – the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. Title insurance protects against these types of title hazards. Other types of insurance that protect your home focus on possible future events and charge an annual premium. On the other hand, title insurance protects against loss from hazards and defects that already exist in the title and is purchased with a one-time premium. 

The following is a list of the many issues title insurance can cover a buyer and a lender from:

1.  Forged deeds, mortgages, satisfactions, or releases

2.  Deed by person who is mentally incompetent

3.  Deed by person in a foreign country, vulnerable to challenge as incompetent, unauthorized, or defective under foreign laws

4.  Deed challenged as being given under fraud, undue influence or duress

5.  Deed signed by mistake (grantor did not know what was signed)

6.  Deed executed under falsified power of attorney

7.  Undisclosed divorce of one who conveys as sole heir of a deceased former spouse

8.  Deed affecting property of deceased person, not joining all heirs

9.  Deed recorded but not properly indexed so as to be locatable in the land records

10.  Undisclosed but recorded federal or state tax lien

11.  Undisclosed but recorded judgment or spousal/child support lien

12.  Undisclosed but recorded prior mortgage

13.  Undisclosed but recorded boundary, party wall, or setback agreements

14.  Misinterpretation of wills, deeds, and other instruments

15.  Discovery of later will after probate of first will

16.  Erroneous or inadequate legal descriptions

17.  Deed to land without a right of access to a public street or road

18.  Forged notarization or witness acknowledgment

19.  Deed not properly recorded (wrong county, missing pages or other contents, or without required payment)

20.  Deed to a purchaser from one who has previously sold or leased the same land to a third party under an unrecorded contract, where the third party is in possession of the premises

How do we make an escrow deposit?

 Personal checks, money orders, cashier checks and wire transfers ONLY. Absolutely NO CASH DEPOSITS ALLOWED! please note that the only form to remit closing costs to our office is via wire transfer. Please contact our office and we will be happy to provide you with our wiring instructions.  

What properties require certificate of re-occupancy?

  

Some municipalities within the State of Florida, require that buyers and sellers apply for a certificate of reoccupancy. This certificate MUST be obtained prior to closing and ORIGINAL must be brought to closing on signing day. Cities which require certificate are:
-City of Hialeah
-City of North Miami Beach
-City of Miami Gardens

-Biscayne Park 

-City of Sweetwater 

-Village of El Portal 

-Miami Shores