What exactly is an Owner’s Title Insurance Policy and if it’s “optional”, why does my client need one?
An Owner’s Title Insurance Policy truly is optional. The Lender’s Policy is the only required policy when getting a loan. Just know that over 99% of our homebuyers buy the Owner’s Policy in Florida. When both of these policies are purchased at the same time (simultaneous issue), it’s almost the same price as just buying one of them. For extra $25 – $425 it makes sense to get both and greatly lower the risk.
For the majority of people, buying a home is their biggest lifetime purchase. Choosing to make such a big purchase without Title Insurance just isn’t worth the risk, especially not when Title Insurance usually costs as little as one half (½) of one percent (1.00%) of the purchase price. You can tell your clients that exposing themselves to possible title challenges, losses, legal fees, mountains of paperwork, and days spent in litigation to find they don’t actually own the property they moved into isn’t worth it when it can be mitigated for such a low amount.
For a REFI, will you help my client locate their original title insurance policy if they don’t know where it is?
Yes – we can, and we will. We’ll contact the five major title insurance underwriters we work with to locate it. Most title companies and attorneys work with one or two underwriters, but because we have five it makes it easier for us to help with this.
How is it you’re the only company that does a Real Rebate, and does it really save my client money?
We trademarked it a few years back so no one else could do it. Most Title Companies put their marketing money into Realtors and Lenders. We wanted to do something different – something for your client that also helps make you look good for recommending us – hence the reason we started the Real Rebate.
How quickly can I get a preliminary estimate of your fees and my client’s estimated closing costs for a specific transaction, purchase or refi?
Anywhere from 15 minutes to a few hours, depending on the time of day you contact us. We are all about a quick response.
What’s the benefit to recommending you to my client?
The gratefulness of an appreciative Title Company ☺ We won’t and don’t bribe our partners, but we will be more than happy to make sure your clients are well taken care of.
My client is purchasing from a builder, so they have to use the builder’s designated title company, right?
They actually do not have to use the Builder’s Title Company. We can offer a decent savings on what they’re charging your client, sometimes $1000 or more. More importantly, you want to make sure you have someone with your client’s best interest at heart.
In Florida, if a married couple is buying a primary residence, a second home, or an investment property, who is required to be on title in each situation?
If it will be their primary residence, they both are required to be on title. If it’s a second home or investment property, there is no requirement for them to both be on title.
Do you explain to our clients that you order the survey, and what do you tell them if they ask why a survey is even necessary?
We do explain it to them, and we really try make sure everyone gets one. We let them know that it’s to protect their own interest in making sure they know what they own. We let them know it’s a $250 fee (on average) that could save them thousands of dollars down the road.
Does the Seller of a property in Florida always choose the title company?
EVERYTHING is negotiable. In Broward, Miami-Dade, Collier, and Sarasota Counties the Buyer typically picks the Title Company. Also, when buying a new construction home, the Buyer also gets to pick the Title Company.
Can you explain an Owner’s Title Policy and a Lender’s Title policy to me in a way I can easily explain to my client?
A Lender’s Policy protects the Lender against any unknown liens or claims that may arise when you buy a home. And the buyer ALWAYS pays for this. This only protects the Lender and is required to get the loan.
An Owner’s Policy ONLY protects the new Owner against any unknown liens or claims that may arise when they buy the new property.