Title Insurance Services

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Why is Title Insurance Important?

Title Insurance protects your real estate asset against claims to the property not identified in the chain of title. Alligator Title & Escrow provides Title Insurance Services by researching the property’s history, legally clearing title issues and, issuing a title policy for each respective party. Our preferred underwriter, Old Republic, is one of the largest and well-funded insurance companies globally, which adds extra protection to you and your lender against possible future claims.

Title Insurance Policies

What exactly does a title insurance policy do? A title insurance policy protects the legitimacy of the title to real estate, so you, the buyer and owner, are free to own it without interruption and sell it without a problem. The legal document, called the deed, is the legal instrument used to transfer ownership to the purchaser. There can be issues in the title chain, which challenge or infringe on that right of ownership. Municipalities may lien on the property, as well as lenders and contractors. A policy protects you from frivolous or inappropriate claims.

Title insurance is available for homeowners and lenders who purchase a property without a known defect and is legally marketable. This inexpensive insurance allows the owner to rest easy knowing real estate professionals have examined the county, state, federal, and sometimes IRS’s title records for clouds on title, judgments, liens, or other issues.

Homeowners who purchase a basic policy can add endorsements for additional protection on a property-specific basis. If a claim arises and is discoverable, the policy will pay a percentage of the request.

If a mortgagee, meaning a borrower, owns a home, the lender will require a lien on the property owner’s interest in the form of a mortgage. Therefore, the lender must have a lien on the property protected by a title policy. Mortgage Title Insurance is the assurance that the mortgagor has legal defense should the property title come under attack.

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Types of Title Insurance

Title insurance is optional for buyers that do not plan to utilize a lender; however, it is prudent to purchase a policy to protect your real estate asset from undiscovered and unrecorded claims. The party paying for a policy is the party that chooses the Title and Escrow company, such as Alligator Title & Escrow. However, it is ultimately for the benefit of the purchaser.

The basic title policy covers the purchase price of the home. Endorsements can be added to the policy to add additional protection depending on the property. Lenders have the option and often require a policy of their own and request location or real estate category-specific endorsements.

The state statutorily sets title Insurance prices. Therefore, it is essential to consider the individuals’ expertise in performing title, escrow, and settlement services.

Loan Policy

Title Insurance on a Loan is generally required by lenders (and purchasers of loans in the secondary mortgage market) to help protect against unforeseen title problems, called the loan policy. While an owner’s policy covers the home’s purchase price, the lender’s or loan policy covers the property’s loan amount. This policy may insure that the lender has a valid and enforceable lien and that the lender’s lien has priority over other liens. Comprehensive systems and expanded coverage options are also available to lenders.

Owner Policy

For a one-time premium (paid at closing), an owner’s policy protects the homeowner from enumerated title risks for as long as the insured (or their heirs) owns the property. Comprehensive policies and expanded coverage can also be issued to address title issues that may arise after the policy date, including false claims by others, encroaching structures built by neighbors, and more. The cost of this one-time premium is statutorily set by the Florida legislature and determined based on a calculation of the purchase price.

At Alligator Title & Escrow, we’re here to protect, educate, and satisfy our customer’s needs by providing quality and efficient Title Insurance Services among our other comprehensive offerings.