Buying a home is always a big transaction, and for some, it may even be the biggest transaction of their lives. The last thing that any real estate buyer wants during a transaction is a problem with the title that could compromise the deal.
Bay Title Company has represented real estate buyers in Miami for more than 30 years. As an attorney owned and operated title company, our team has the experience and the resources to ensure that your transaction closes quickly and efficiently.
During your transaction, we work closely with your realtor, your lender, and any other involved parties to ensure the purchase goes as smoothly as possible.
Buying title insurance is a standard part of any real estate transaction. Title insurance protects the buyer and the lender in the situation that the seller doesn't have free and clear ownership of the house and property.
Even though the chances of you actually needing the title insurance is low, the costs far outweigh the risks. For example, if you purchase a property from someone who can't rightfully transfer full ownership to you, you could risk losing the entire property.
As a buyer, you will be required to provide title insurance to your mortgage lender. The lender’s policy will insure the lender against loss of priority as well as other insured risks up to the amount of the loan.
Unlike the lender’s policy, there is no legal requirement for a buyer to purchase title insurance. However, when the owner’s and lender’s policies are issued simultaneously, the cost of the lender’s policy is greatly reduced, making it highly cost-effective for the buyer to obtain this valuable insurance protection for herself.
Although you may not be aware, the seller can not require that you purchase title insurance from a specific company unless they are paying for the full policy. This is addressed in federal law under Section 9 of the Real Estate Settlement Procedures Act (“RESPA”).
In some purchase contracts, the seller purchases the owner’s insurance but the buyer pays for the lender’s policy. In this situation, the seller cannot require the buyer to purchase that lender’s policy from a particular title company because the buyer is paying for the lender’s policy.
When selecting the title company you will be working with, it’s important to consider things like experience, attentiveness, responsiveness, and efficiency. While you should always ask for references from your realtor and friends, it’s also good to do your own research into title companies.
When you work with an attorney owned title company in Miami like Bay Title Co., you don’t need to worry about costly, frustrating delays due to poor communication and disjointed teams when the clock is ticking. From the very start of your transaction, our attorneys and paralegals are involved in and aware of all of the important details and interactions.
We want your real estate transaction to close without any problems just as much as you do. We work tirelessly for our clients buying real estate to finalize the purchase with the professionalism and personal service we know our clients deserve.
16666 NE 19th Ave, Suite 113, North Miami Beach, FL 33162, US
09:00 – 17:00
Monday - Friday: 9am - 5pm
Saturday: By appointment
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