FAQs – Giannell Title

A title is the evidence that the owner is in lawful possession of a piece of property.

A record of successive conveyances, or other forms of alienation, affecting a particular piece of land, arranged consecutively, from the original source of title down to the present holder.

What is title examination?

A review and evaluation of recorded documents from past to present to: establish unbroken chain establish legal sufficiency of instruments accuracy of legal descriptions,parties, etc. reach conclusion as to quality of title determine encumbrances,limitations or adverse matters.

What is title insurance and how does it differ from other insurance?

Title insurance protects real estate owners and lenders against any property loss or damage they may experience due to liens, encumbrances or defects in the title to a piece of property. Each title insurance policy is subject to specific terms and conditions. Title insurance differs from other types of insurance. For example, while car, life or health insurance protects against potential future events and is paid for with monthly or annual premiums, a title insurance policy protects against events that occurred in the past of the real property and those who owned it, for a one-time premium paid at the close of escrow.

Who pays for title insurance?

In Florida it varies per county and can be negotiated in the contract. The seller generally pays for the title insurance and chooses the title/closing company in most Florida counties. The buyer generally pays for title insurance and chooses the title/closing company in the following counties; Sarasota, Collier, Miami Dade and Broward.

What kinds of problems can a title search reveal?

A title search can show a number of title defects and liens, as well as other encumbrances and restrictions, such as unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions limiting the use of the land.

Are there any problems that a title search cannot reveal?

A title search is the compiling of title information from official or public records. So yes, there are some “hidden risks” that even the most diligent title search may not reveal. For instance, the previous owner could have incorrectly stated his or her marital status, resulting in a possible claim by a legal spouse. Other problems that a title search may not reveal include fraud and forgery, defective deeds, mental incompetence, confusion due to similar or identical names, clerical errors in the records and many more. These defects can arise after you’ve purchased your home and can jeopardize your right to ownership. Title insurance protects your right to ownership.

What is escrow?

Escrow accounts are accounts held by a third party, containing the funds that are needed to close on the property.

I'm buying a newly built home, do I need title insurance?

Construction of a new home raises special title problems for the lender and owner. You may think that you are the first owner when constructing a home on a purchased lot, however, there were most likely may prior owners of the unimproved land. A title search will uncover any existing liens and a survey will determine the boundaries of the property being purchased. Additionally builders routinely fail to pay subcontractors and suppliers. This could result in the subcontractor or supplier placing a lien on your property. Lenders want to be sure the property has clear title. Purchasing owner’s title insurance will protect you against these potential problems and pay for any legal fees involved in defending a claim.

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