Why have title insurance? 

Life is full of surprises, but no one wants to be surprised by a faulty title when purchasing a home. Just like auto insurance in case of an accident, or home insurance in case of a fire, title insurance covers any potential issues with a title upon the purchase of a house. 

Although title insurance is not always required as part of a home purchase, it provides financial protection and peace of mind for both buyers and sellers. Title insurance covers a wide range of issues that may not show up in a title search. Title insurance protects the buyer from the costly and time-consuming process of correcting a title independently, or worse, even losing the home. 

Who pays for title insurance?

While most of the fees involved in a real estate transaction are the buyer’s responsibility, title insurance is generally paid by the seller in most Florida counties. While not legally required for the seller, title insurance can still be a great source of protection should any issues arise with the title. Buyers who are financing their purchase through a lender are usually required to have title insurance since it protects both them and the lending company. 

There are, however, 4 counties in which the cost of title insurance typically falls on the buyer. These include Broward, Collier, Miami-Dade and Sarasota counties. Much of this depends on the contract, though almost everything can be negotiable! 

Have questions about title insurance? Need a quote for peace of mind? At Clear Title in Northwest Florida, thousands of home buyers have trusted our team of experts to help them secure title insurance. As the only title company in Northwest Florida that is owned by a Board Certified Real Estate Attorney, Stephen R. Moorhead, our team is ready to ensure that your title insurance has you covered. To schedule a meeting with our experts and explore our Pensacola title insurance services, contact us today at (850) 202-8518 or visit ClearTitlenwfl.com.