Title insurance provides indemnity to lenders and homeowners against defects or issues with the title of a property. When you purchase a property by securing a mortgage, your lender will require you to purchase a policy of title insurance to protect the lender’s interests in the property. However, if you are paying for a property in cash, this policy will not be applicable to your transaction. That said, you still have the option to purchase title insurance for yourself.

A title-closing company has the responsibility for ensuring that all the documents related to the ownership of a property are in order before real estate transactions are executed. The title company also provides an agent to oversee the closing process.

Florida’s title insurance premium is based on a promulgated rate calculation, which is determined by the state of Florida. Florida’s title insurance premium is also determined based on the purchase price as follows: Purchase Prices up to $100,000: $5.75 per thousand. Purchase Prices Over $100,000: $5.00 per thousand.

In Florida, the person responsible for paying title varies per county and can be negotiated in the contract. In most counties, the seller generally pays for the title insurance and chooses the title company.

However, the buyer generally pays for title insurance and chooses the title company in the following counties:

– Sarasota County
– Collier County
– Miami-Dade County
– Broward County

While title and closing costs are typically paid by certain parties, all costs are negotiable and can be specific to the contract you sign. It’s in your best interest to request a free, no-obligation title insurance quote to determine which fees you’re responsible for paying.

All policies of title insurance are issued for a one-time premium and are valid as long as the insured owner or his heirs hold title to the property, in the case of the owner’s policy; and as long as the mortgage is a lien of record in the case of the lender’s policy.