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A title company in Margate, Florida, plays a vital role in all real estate transactions. The title company performs several title-related services to ensure a successful real estate closing.
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Margate, Florida title, and Closing Services
Before any real estate deal can take place, a Margate, Florida Title Company must confirm the ownership of the property in question. This title service entails researching the history of ownership to issue a preliminary title commitment.
The title commitment shows that the current property owner owns the property quietly with no disputes. If the legitimacy of the current owner’s title to the property is in dispute, the Margate, Florida title, and the closing company will work to resolve the issues, thereby establishing a clear and solid title.
A dispute might pertain researching liens placed against the property, such as an old pending mortgage. If there lacks a clear indication that earlier liens have been removed, the Margate title insurance company will contact the parties involved in the earlier transaction to get the records indicating that the lien is no longer in effect.
Title Company Managing the Closing
States have varying regulations, but in Florida, the title company is responsible for managing the closing process. For instance, the Margate, FL Title company will offer the title documents to the bank and calculate payoff figures based on charges incurred for things such as tax service and appraisals.
For example, the Title company in Margate, FL, will verify the amount of property taxes and confirm that payment is current. They will also compute the portion of those taxes that will be due from the new buyer at closing.
Issuing Title Insurance
The main purpose of title insurance is to safeguard all parties in the case a dispute over ownership of the property arises. Our Premier Margate, Florida title company issues an insurance policy to protect the new buyer in case of any dispute. If a dispute does arise, the insurance policy reimburses the new owners for the legal fees they incur to resolve the dispute. If the new owners lose the property, that loss will also be covered.
As a Margate, Florida title company, we know we are a critical part of the closing on the property purchase. If you are looking for an attorney owned title company in Florida, we would love to earn your trust and business. We close fast, at your location and on your time.
Short Sales & Foreclosures
A Florida short sale is where the bank agrees to buy back a real estate property from the borrower for a lesser amount than what the borrower still owes on the property. Short sales are a defense to foreclosure for property owners who can’t afford to pay their regular mortgage, or it can also be used if your home is “underwater,” meaning it is actually worth less now than the amount you borrowed from the lender.
In most cases, the bank, as part of the short sale negotiation agreement, will release the homeowner from paying the deficiency, which is the difference between the original mortgage amount and the short sale price. However, that is not automatic, and you must consider that before agreeing to a short sale.