When we are learning about new things on the Internet, we like when questions are neatly categorized by WHO, WHAT, WHEN, WHY and HOW MUCH.
Just another example of how we at Silicon Title like to make complicated things easy.
Who pays for Florida Title Insurance? The Seller or the Buyer?
Depending which county you are in, the buyer or the seller might pay for title insurance. In 63 Florida counties, the seller customarily will pay for title insurance.
The four counties where title is customarily paid for by the buyer are as follows:
1. Broward County
2. Collier County
3. Miami-Dade County
4. Sarasota County
In Florida, if the seller is contracted to pay for the Title Policy, the seller gets to pick the Title Insurance Agency. If the buyer is contracted to pay for the Title Policy, they buyer gets to pick the Title Insurance Agency.
What is a Florida Title Insurance Policy?
Put simply, a Florida Title Insurance Policy will provide protection to property owners and / or mortgage holders against future risk based upon past events.
These events are usually of the legal sort, such as tax or contractor liens, unpaid municipal bills, open permits, HOA fines, or outside legal claim on the property.
What is a Butler Rebate for Florida Title Insurance?
In the year 2000, a Florida real estate developer named Butler sued for the right to negotiate his title insurance premium and won. Now consumers have the ability to request a rebate from their title companies, but most title companies don't offer rebates. You can read more about why Silicon Title gives a rebate to EVERY CUSTOMER here.
What if I am outside of Florida on my closing date?
Silicon Title was built as a technology-first title agency and therefore has options to coordinate your closing remotely via computer. Our notaries are appointed by the State of Florida and all are cleared for Remote Online Notary (RON) closings.
What should I bring with me to closing?
Silicon Title conducts the majority of closings online so you are always near everything you need in the comfort of your own home!
However, if you choose to close at the Silicon Title office on the barrier island of Vero Beach, Florida you'll want to bring the following:
1. CERTIFIED FUNDS: You will want to bring proof of your wire transfer or a cashier's check for the full amount of the closing costs.
2. MORTAGE DOCUMENTS: Make sure to have a copy of your closing disclosure from your mortgage company if you are taking a loan out on the property.
Don't forget that all of the persons listed on the mortgage loan MUST be present at closing.
3. IDENTIFICATION: Please bring a government issued, non-expired photo ID such as a Drivers License or a Passport.
4. YOUR WALLET: You might want to grab your wallet (with a personal check and a debit / credit card) in case something comes up at the last minute.
5. PROOF OF INSURANCE: Please bring along a copy of your new homeowners insurance invoice or receipt.
Please note that Silicon Title does not employ attorneys or accountants as closing agents, so you will need to direct all tax and legal questions to your accountant or legal counsel.
When do I need to buy a Florida Title Insurance Policy?
There are two types of Title Insurance Policies in Florida: A Loan / Lender's Policy and an Owner's Policy.
Title insurance is required in Florida when the property will have a mortgage lien placed against it (this is called a loan or lender's policy)
An owner's policy is not required in the state of Florida but is highly recommended since the cost is nominal in addition to the loan / lender's policy.
These policies are generally purchased at the time of property transfer.
Why do I need Title Insurance in Florida?
Title Insurance protects against claims from past owners, relatives of past owners (ex-spouses, children) and other entities who may have placed a claim or lien on the home.
These claims are called "defects in title" and could come in the form of criminal intent such as fraud or forgery, while others are more innocent such as a relative claiming ownership or unrecorded / unresolved permits or liens / judgements.
All are problematic, and generally around 30% of the time, there will be some issue with a title that must be cleared up by a title agency professional.
Why can't I write a personal check at closing?
All funds due and presented on the day of closing must be in the form of a wire transfer or a verifiable Cashier's Check.
In other words, Certified Funds only please.
How much does Title Insurance cost in Florida?
In Florida, the cost of Title Insurance is variable based upon the purchase or sale price of the property. Think of it like car insurance, you would expect to pay more to insure a new top-of-the-line Mercedes Benz than you would pay to insure a twenty year old grocery-getter right?
Same goes for Title Insurance, if you buy or sell a deca-million dollar home, you might expect to pay quite a large title insurance premium; however, if you are participating in a transaction for a home of an average cost, the title insurance premium will be quite reasonable.
Either way, Silicon Title is committed to being the lowest cost provider of Title Insurance policies in the State of Florida, with a Butler Rebate offered to each and every client.
We will match or beat any signed settlement statement from a Florida Title agency. Give us a chance to earn your business.
How much do doc stamps cost in Florida?
The doc stamps on the deed are calculated by taking the sales price of the property (rounded to the next $100) multiplied by .007.
An easy way to calculate this is by using $700 as the doc stamp cost for every $100,000 in house sale price.
How much will my closing costs be?
We are happy to calculate these for you and provide you a written quote inclusive of a Florida Butler Rebate.
How much is the Butler Rebate for Florida Title Policies?
Most Florida Title Agencies will literally "play dumb" and claim to not know what you are talking about if you ask for a Butler Rebate, or they will flat out say that they do not provide rebates and they will try to tell you that their leather chairs are the most comfortable of all the leather chairs in the entire State of Florida, or they will simply babble on about their "professionalism" or "attention to detail" or some such.
We at Silicon Title provide a Butler Rebate to EVERY SINGLE CUSTOMER.