Title Insurance
  Closing/EscrowÂ
Law Offices of Fishman-Sitbon, P.A. represents buyers and sellers in the purchase and sale of commercial and residential real estate. This includes escrow services, title insurance, and closing/settlement of the transaction. Unlike title companies that are not authorized to practice law, attorney Klara Fishman-Sitbon, Esq. provides significant value to her clients by being able to review the Contract, explain the terms of the Contract and the implications thereof, and provide legal advise and guidance from contract to closing. Law Offices of Fishman-Sitbon, P.A. is a member of the Fund and an agent for Old Republic National Title Insurance Company. As an agent, the firm is authorized to issue title commitments, closing protection letters, title insurance policies and order title searches.
Title insurance is a crucial aspect of real estate transactions, providing protection against potential risks associated with the property's title. An owner's policy and a lender's policy are two key components that address distinct concerns for both parties involved in the transaction.
Lender's Policy:
A lender's policy is designed to protect the financial institution providing the mortgage. It safeguards the lender's investment by covering potential losses arising from title defects, ensuring that the mortgage lien is valid and uncontested. Risks covered may include errors in public records, undisclosed liens, or legal disputes that could impact the lender's security interest in the property.
Owner's Policy:
An owner's policy, on the other hand, is geared towards protecting the buyer's interests. It provides coverage against various title issues, such as errors in public records, undiscovered heirs, and legal disputes. This policy acts as a safeguard for the buyer, offering reassurance and financial protection in the event of unforeseen challenges related to the property's title.
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While a lender's policy is typically mandatory when obtaining a mortgage, an owner's policy is not mandatory in Florida. However, it is highly recommended for buyers to consider purchasing an owner's policy. Without it, buyers may be exposed to potential risks and financial liabilities that the lender's policy alone does not cover. An owner's policy provides an extra layer of protection, ensuring that the buyer's investment in the property is secure and free from unforeseen title issues.
Title Search:
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A title search is a process of examining public records to determine the ownership history and any liens or encumbrances on a piece of real estate. The purpose of a title search is to ensure that the seller has the legal right to sell the property and that the buyer will receive clear and marketable title to the property. Here are the steps involved in a title search for real estate:
1. Identify the property: The first step in a title search is to identify the property in question, including the legal description, address, and tax identification number.
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2. Gather public records: The next step is to gather public records related to the property, including deeds, mortgages, liens, easements, and other documents that affect the title.
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3. Review records: Once the public records have been gathered, they are reviewed to determine the ownership history of the property and any liens or encumbrances that may exist.
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4. Resolve any issues: If any issues are discovered during the title search, such as a lien or encumbrance, they must be resolved before the property can be sold. This may involve working with the seller to pay off the lien or negotiating with the lien holder to release the lien.
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5. Issue title report: Once the title search is complete and any issues have been resolved, a title report is issued to the buyer and their lender, if applicable. The title report provides a detailed history of the property, including the ownership history and any liens or encumbrances that were discovered during the search.
Overall, a title search is an important part of the real estate transaction process as it helps to ensure that the buyer receives clear and marketable title to the property. The cost of a title search can vary depending on the complexity of the search and the location of the property.
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To learn more or discuss how we can assist you, please contact us at (786)529-2480 or kfishman@fsplegal.com.