When buying a home, proper planning is important to make sure that you protect yourself and your investment. This is where a title company comes in to simplify the process.
A title company is an independent entity that specializes in verifying the ownership of real estate properties. When a person buys a property, the title company plays a crucial role in ensuring that the transfer of ownership is conducted legally and without any complications. They thoroughly examine public records to confirm the legal owner of the property and check for any outstanding liens or encumbrances that could affect the title. Atlantic Coast Title and Escrow can help you by doing the following:
Title insurance is a form of insurance that protects the lender and the buyer against any potential losses and claims related to the property title. Unlike most insurance policies that protect against future events, title insurance covers past events that could affect property ownership.
It covers events such as undisclosed ownership rights, errors in public records, fraud, or forgery. When a property is sold, a detailed title search is conducted to make sure the seller has a clear and marketable title, meaning there are no claims, liens, or judgments on the property.
If any issue arises over a covered title after the property is bought, the title insurance policy will cover the cost of addressing the problem and compensate the insured party for any financial loss caused. If you are purchasing a property through a lender in Florida, title insurance is necessary.
Title insurance typically lasts the entire time you and your heirs own the property. The coverage stays in place until the property is sold or transferred to another party. For example, if you have owned your home for 20 years and decide to sell it, your policy will end the day you close the sale.
Buying and selling property can be complex due to the various legal, financial, and regulatory aspects involved. Hiring a title and escrow attorney makes the process easier.
The Jacksonville title and escrow attorneys at Atlantic Coast Title & Escrow can help make the buying process seamless. Need help? Call our office at (904) 853-5591 to schedule a consultation with one of our Jacksonville attorneys and discover how we can assist you.