FAQs

There are multiple parts of the title commitment;
Schedule A – this states the facts surrounding the transaction, such as the owners’ of title, the purchaser’s, the sales price, the loan amount, and the legal description of property.
Schedule B-I – this is basically a to-do list for the title company, showing all the satisfactions and requirements that must be met in order to get to the closing table.
Schedule B-II – these are the exceptions, or items that will not be covered in the final policy issued.

Absolutely! Title insurance is a way to protect what is likely your largest investment. An Owner’s Policy provides peace of mind that your title company will stand behind you if a covered title issue or defect arises after closing.

When you buy Florida real estate — a house, condo, land or commercial property — you buy everything that comes with it, including the history of the property. When a seller transfers ownership to a buyer, the seller needs to safeguard that the buyer is getting the property free of encumbrances and liens. Title insurance agents perform title searches, which will reveal problems that the buyer will need to be made aware of. A title search can show a number of title defects, liens, encumbrances and restrictions, which include but are not limited to unpaid taxes, unsatisfied mortgages, and judgments against the seller. However, even with the most careful of due diligence mistakes are made or situations will arise that are unknown. The same is said for the lender who will take an interest in the property when a borrower obtains a loan. Having title insurance can potentially help you to avoid a financial nightmare later on. And if it’s required by a lender, you should also seriously consider that you might need it!

The Lender’s Policy is a separate policy, protecting the lender’s interest in the property up to the outstanding balance of the borrower’s mortgage. The lender requires that the borrower (buyer) purchase a Title Insurance Policy on behalf of the lender. The loan policy protects the lender against loss due to unknown title defects. This policy protects only the lender’s interest; it does not protect the borrower.

The Owner’s Policy protects against loss due to unknown title defects as well as coverage for certain matters such as theft of identity and forgery. Owner’s coverage provides legal defense and compensation for any liability or loss that may arise.

Looking to get a quick quote on a closing? Please visit our Net Sheet page.

IMPORTANT:
All checks including certified, treasurer’s or bank checks MUST BE PAYABLE to TITLE JUNCTION. We will not accept checks payable to the borrower/buyer (even if the bank that issues the check tries to tell you otherwise). Any excess funds presented at closing, will be refunded to you. Title Junction will issue a check back to you for the difference.

Once signing and funding have taken place you will receive a fully executed settlement statement and deed. You will receive your closing proceeds either by business check or wire, based on your choice. You will need to turn off all of your utilities and cancel any services you have on the property.

Once signing and funding have taken place you will receive fully executed copies of the settlement statement, deed and any other closing documents you may have signed. You will need to turn on all of your utilities and start services on the property. About 8-10 weeks after closing you will receive your owner’s title policy in the mail and your original recorded deed.