Buying a home? You need to be certain that the seller is the true owner of the property and that no outstanding issues damaging title carry over to you.
Why? Because if there are problems with the title it can restrict the use of the property and ultimately result in financial loss. That’s where Bright Light Land Title can help you. We conduct a comprehensive title search that will cover your investment with a title insurance policy to give you peace of mind that your ownership is free and clear of any issues.
The cost is minimal and is only paid once. There are no renewal premiums, and there is no expiration date on the policy. Yet the protection lasts as long as you, or your heirs, maintain an interest in the property. In the state of Florida, rates are promulgated, that is they are set and issued by the Florida Office of Insurance Regulation. They have not changed since 1999! What else do you know of that has not gone up in price for that length of time?
There are two types of title insurance policies: The Owner’s Policy and the Loan Policy. The Owner’s Policy protects the homebuyer. The loan policy protects the lender. Most lenders will require a loan policy when they loan money. The loan policy is typically based on the actual loan amount (the amount you are borrowing). It protects the lender’s interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off. An owner’s policy is typically issued based on the sales price of the property and provides protection for as long as you or your heirs have an interest in the property. Each policy protects the insured’s respective interests in the property.
Some common items that title insurance protects you from are:
- Unpaid mortgages
- Unpaid property taxes
- Missing heirs who could claim the property belongs to him or her
- Missed easements or rights of way that could limit your use of the property
- Other unsatisfied liens
Selling your house? Bright Light Land Title will work with you to coordinate any satisfactions of liens and prepare all the necessary closing documentation to make the experience for you and the buyer as smooth as possible. We promise competitive rates, great communication and amazing service.
Buyer and Seller Benefits with Bright Light Land Title:
- Single point of contact
- Full service on every transaction
- Timely and accurate title commitments
- Superior communication
- Knowledgeable and professional staff
- Contract upload capability or drop off