Florida Statutes 626.841 (1) defines a “TITLE INSURANCE AGENT” as a person, appointed in writing by a title insurer for the purpose of issuing and countersigning binders, commitments, policies of title insurance, or guarantees of title in its behalf. Woods, Weidenmiller, Michetti & Rudnick, PLLC serves as a title insurance agent on real estate transactions throughout the state of Florida. Our title insurance underwriters include Old Republic National Title Insurance Company (“Old Republic”) and Attorneys Title Insurance Fund (“The Fund”).
Title insurance provides a guarantee of ownership of your home. It informs you of the nature of any other interests in the property (liens and encumbrances) and protects you against unknown claims of ownership to or interests in your property. Before a transaction involving a loan or sale of the property is completed, the title company searches appropriate land records to determine ownership, claims, legal documents, and other matters that may affect the property. This search discloses recorded deeds, mortgages, judgments, taxes, liens and other legal matters. The results of the record examination will then be summarized in a preliminary document called a “Commitment for Title Insurance”. This document states the status of ownership and enables the lender or purchaser to evaluate the legal status of title to the property before it is acquired. The commitment also constitutes an agreement by the title company to issue a title insurance policy if certain requirements stated in the commitment are satisfied
Unfortunately, there will always be certain risks and legal issues to be addressed by purchasers and lenders. It is not always possible to find all adverse matters which may affect ownership. A forged or fraudulent document affecting the property, legal incompetence of a person who conveyed the property, lack of authority to convey or improper or inadequate administration of a decedent’s estate may not be disclosed by an examination of the records. Likewise, human error can cause title problems, which may not be disclosed by a search of the records. If someone makes a mistake or if an unknown problem should arise, a known, financially responsible resource should be available to protect you. An owner’s or lender’s interest can be best protected by a title insurance policy
Separate title insurance policies protect different interests. Although separate policies of title insurance may insure the same property, a person who is not named as an insured is not entitled to any protection by the policy. A title policy that is issued to a lender does not provide coverage for the owner. Likewise, a prior owner’s policy will not protect a new buyer. For example, if only a loan policy is issued to a lender and title to the insured property is later determined to be invalid as a result of a forged deed, the lender may be compensated for loss, but the owner may still lose the property due to invalid title and will continue to have the loan obligation to the lender. If the owner had obtained owner’s title insurance coverage, the owner would also be compensated for loss of the property according to the terms of the owner’s policy.
If a claim is made against your ownership, your policy protects you by (1) defending your interest in a court case and paying the costs, attorney’s fees, and expenses incurred for that defense; and (2) if the claim is shown to be valid, our underwriter will either pay the costs of your claim up to the amount of the policy or undertake the responsibility and expense of perfecting and protecting your title as it was insured, according to the provisions of each individual policy
From the simplest residential closing to the most complex commercial real estate transactions, the Firm is committed to providing exceptional customer service and legal knowledge to homeowners, lenders, builders, developers and other real estate professionals in need of title insurance services. For our residential customers, we insure protection for your most important asset – your home.