First Title Source title company Florida is committed to protecting your property investment transactions to ensure a smooth title closing process every time. We pride ourselves on providing the highest standard services possible and will always strive to go above and beyond for our customers. We currently have offices in Clearwater and in Tampa, though we serve the entire state of Florida and accommodate our clients through our remote closing service. Our team would love the opportunity to serve you! Give us a call today.
Quick tip: Simply let the realtor know that you want First Title Source to represent your title needs and then let us do the rest!
Who We Serve
Our clients consist of realtors, mortgage lenders, brokers, buyers and sellers involved in real estate transactions for both residential and commercial properties thoughout Florida. We ensure a timely accurate closing process. Our services are designed to protect you and safeguard all of your real estate investments.
Why Choose Us
Our team of highly trained Florida title agents are committed to assisting you step-by-step through the closing process to ensure you experience a speedy and successful closing transaction and give you the piece of mind in knowing that when you hire First Title Source you are always in good hands.
Title insurance protects real estate owners, buyers and lenders against financial loss and/or damage occurring from liens, encumbrances, or defects in the title or actual ownership of a property.
A title search will uncover any possible defects tied to the properties title. Such as, verify the seller’s right to transfer ownership, and discover any claims, errors, debts or other restrictions on the property.
Escrow & Closing
We will guide you step-by-step through the escrow & closing process to ensure a seamless property ownership transfer and provide a timely, dependable and efficient closing.
1031 Exchange Services
A 1031 exchange allows owners of business or investment property, through the use of a Qualified Intermediary, to sell one property and purchase a similar or “like-kind” property while deferring capital gains.
O & E Report
An O & E, or Owner and Encumbrance Report, are simplified non-insurance title reports designed for informational purposes to aid in closings of equity and home improvement loans.
Why is title insurance important?
An owner’s title insurance policy is your best protection against potential defects that can remain hidden on a title despite the most thorough search of public records.
- 1. Defects in the title
- 2. Mortgage liens
- 3. Undiscovered encumbrances
- 4. Public deeds
- 5. Forgeries
- 6. Missing heirs
- 7. Unknown easements
- 8. Boundary/survey disputes
- 9. Undiscovered will
- 10. False impersonation of previous owner
- View more: Understanding title insurance
Title Insurance Process
Step 1 – Initial Request for Title Insurance / Records Search
Most commonly, the buyer’s attorney or the buyer (or in the case of a refinance, the lender) places an order for title insurance with the title company. The title company then initiates several searches that are necessary to tell the full story of the current state of the property’s title. These searches typically include county searches against the property, judgment searches against the individual parties involved in the transaction or in the chain of title, tax searches, and patriot searches, plus any searches that might be unique to a particular municipality, county or state. These searches are usually done with the help of independent search companies or through accessing online records. Full title abstracts are returned to the title agent with copies of all pertinent documents.
Step 2 – Title Examination
The skill and expertise of the title officer is the key to an accurate title report. A title insurance company begins the review by analyzing the documents of record. The title company then makes an interpretive analysis of all recorded matters to evaluate their impact on the title to the property.
Step 3 – Binder / Commitment
The title officer at the title company issues a title commitment, on behalf of the title insurer. The title commitment is an agreement to insure title on the terms and subject to the requirements set forth therein. The commitment specifies the amount of insurance, the insured parties, exceptions and requirements to be met in order to issue the policy.
Step 4 – Clearing any Clouds
The title agent then works to clear any “clouds” to the title. A cloud on the title is any irregularity in the chain of title (ownership) of the real property that would give a reasonable person pause before accepting a transfer of title. For example, if there is an open judgment on the property, the title officer contacts the parties involved to get the judgment paid and clear the title. The title officer works with buyers, sellers, lenders and their attorneys to resolve the often complex and varied title issues that can arise during the search and examination process.
Step 5 – Closing / Premium Payment
Unlike other insurance policies, there is a one-time only premium payment for title insurance. The premium is paid by the buyer / borrower at the closing table. Closing can occur at the attorney offices or offices of title agent or title company or remotely, depending on the circumstances involved.
Step 6 – Policy Issued & Delivery
After the closing, the title company issues the actual title policy on behalf of the title insurer. Then that’s it, you’re all set.
Title insurance protects both real estate owners and lenders against loss or damage occurring from liens, encumbrances, or defects in the title or actual ownership of a property. Unlike traditional insurance, which protects against future events, title insurance protects against claims for past occurrences. Title insurance is a small expense relative to the benefits it provides.
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.
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.
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.
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.
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.
“ Top notch Title Company! Great company that truly cares about their team members and clients best interest. Highly recommended! ”
~ Sasha Rokstar Kutsy
“ Very professional staff great to work with. ”
~ Carrie Jackson
“ First Title Source and I have completed many closings together over the years and they always go above and beyond to close in a timely manner and for a reasonable cost. I highly recommend their services. ”
~ Patrick Anderson
“ I have had two closings with Joey and everything went smoothly. Highly recommend First Title Source! ”
~ Melissa Corningstone
“As a lender that deals with 90% purchase business, working with an experienced title company is a necessity. On many occasions, we have to move fast and First Title Source gets it done. They are highly responsive and provide excellent customer service. ”
~ Cory Jeffries
“ They were the title company for the sale of my property. I was very happy with their communication, professionalism and service. Would highly recommend. ”
~ Connie Richards
Choose First Title Source title company Florida
to safeguard your property investments.
We have very competitive rates