What is a Title Policy Endorsement?
What is an endorsement? A title endorsement is an addition or limitation of coverage that is attached to the title insurance policy; it adds or changes the terms of the policy.
The following are the ONLY legal Loan Policy endorsements in the State of Florida:
Protect Your Most Important Asset
Emerald Coast Title Services offers the superior protection of the Homeowner’s Policy of Title Insurance, delivering more complete risk coverage, which translates to greater peace of mind for homebuyers. Buying a new home is one of life’s most gratifying experiences and might be the biggest investment you will ever make. As you approach closing day, however, all those details can be overwhelming. It’s easy to overlook the single most important step in the entire process—the purchase of title insurance on your wonderful new home.
What is Title?
Title is the legal right that a person has to the ownership and possession of land. Since it is possible that someone other than the seller has a prior legal right to the property that your buying, the premium coverage offered by the Homeowner’s Policy provides you with added peace of mind. There can be any number of prior problems that remain undisclosed even after the most careful search of public records. These prior hidden “defects” are very dangerous and sometimes are not discovered for months or even years after you purchase your home. You could be forced to spend substantial money on a legal defense to protect your rights. The Homeowner’s Policy helps protect you against covered losses and prior defects, and provides legal defense for covered risks.
Protect Your Investment
The Homeowner’s Policy provides the most complete title coverage available, including protection against undisclosed heirs, mistakes in recording or errors in tax records. Our basic coverage protects against prior covered matters, such as:
- Someone claiming an ownership interest in your title
- Leases, contracts, or options affecting your title
- Someone claiming to have rights affecting your title due to forgery or impersonation
- Someone having a right to limit your use of the land
- Unmarketability of your title
- A defective title
How Much Does Title Insurance Cost?
The single premium is directly related to the value of your home. Typically, it is less expensive than your annual auto insurance. It is a onetime-only expense, paid when you purchase your home, yet it continues to provide coverage for as long as you own the property.
The Importance of Real Estate Attorneys in Your Title Company
The process of buying and selling a home is quite complex. Many states require that real estate transactions are closed and insured by attorneys because many components of real estate conveyance are considered the practice of law. Each state, however, has different regulations pertaining to the title insurance industry. In Florida, both attorneys and licensed title agents may handle closings. At Emerald Coast Title Services, we believe there are many benefits in having licensed Florida real estate attorneys involved in the real estate closing process. Our attorneys play an instrumental role in each transaction that comes through our office.
Specifically, our attorneys can assist by drafting affidavits, deeds, and mortgages that are needed to convey clear and clean title; drafting special terms on listing agreements, contracts, and addendums; drafting separate agreements for furnishings or other property and giving legal advice when necessary.
In addition to our on-staff attorneys, Emerald Coast Title Services is backed by a full service, law firm, Hand Arendall Harrison Sale, with offices in Northwest Florida and throughout Alabama. This gives our clients immediate access to attorneys that can handle just about any issue that arises, including, probate, will and trusts, or tax law.