What is title insurance?
An owner’s title insurance policy is an agreement that the insurer will pay all losses involved in any claim covered by the policy’s term, as long as you or your heirs own an interest in the property.
The policy provides two types of coverage:
• If someone contests your insured title in a legal action, the insurer will defend the title at no expense to you.
• If there is a defect in your title that cannot be eliminated, title insurance provides financial indemnity to protect you from loss due to the defect.
Why should a real estate attorney prepare my title policy?
Since your ownership depends on the legal rights involved and since the extent of the protection provided is only as broad as the language of the individual title policy, an attorney trained in the complexities of real estate law is best qualified to issue your owner’s policy.
If I am married and buying my primary residence in Florida, why must my spouse execute the mortgage?
Since your primary residence is your homestead, under Florida law your spouse has a homestead interest in that property whether or not he or she lives in the property. Therefore, he or she must join in the mortgage in order to subject their homestead interest in the property to the lien of the mortgage.
By what date must my home be my primary residence in order for me to qualify for the homestead tax exemption?
You must own and occupy your home as your primary residence as of January 1 of any year in order to receive the homestead tax exemption for that year.
I have a power of attorney that was executed outside the state of Florida. Is it valid for selling my property in Florida?
Since states have different laws regarding powers of attorney, a Florida real estate attorney would need to review your current power of attorney to determine if it complies with Florida law in form and execution to be valid in Florida.
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