If you're purchasing a home, you most likely need the financial help of a mortgage company. Any federally insured lender will require a loan policy. In Florida, a lender’s policy is necessary whether your lender requires the purchase of the policy. The lender’s policy protects the mortgage lender if an issue arises after the residential real estate closing. The cost of the loan policy is included in closing costs.

Title insurance is a type of insurance policy issued by a title agency that protects the buyer of a property from issues connected to the property that was not discovered in a title search, like clear title, liens, easements, public records errors, and missing heirs.

In Florida, both the buyer and seller are required to purchase a valid title insurance policy any time property is transferred from one party to another. A lender’s title insurance policy or loan policy is also required by Florida law. It is essential to understand that the lender’s title insurance policy does not extend to the homeowner. In Florida, you must purchase an owner’s policy at closing. You are at risk of losing the property and any money you put into it if you do not have a buyer’s policy to cover any issues.

The purchase of title insurance ensures that there will be no lingering issues to put your residential property purchase in jeopardy. It is an essential part of the transfer of ownership process in Florida and is required if you plan to obtain a mortgage to finance the residential real estate you are purchasing. 

Licensed Florida attorneys founded Fleet Title to bring high-quality, fast, and efficient title services to Florida's residential and commercial real estate markets. Our attorneys have closed real estate transactions for over 25 years. At Fleet Title, you will benefit from our experienced attorneys at the cost of a title agent. To learn more about the services offered in Vero Beach, visit fleettitle.com, call (772) 224-3338, or email them at info@fleettitle.com.