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Title & Closing
Can Nuñez Law help me with Title Insurance? What is Title Insurance? Do I need it?
Title Insurance protects either a homeowner or a lender against a claim being made against the title to the property. An Owner’s Title Insurance Policy protects the purchaser against the cost of a title claim and the cost of having to defend such a claim. A Lender’s Title Insurance Policy similarly protects the lender against a claim and the expenses or loss that it could incur if a claim is made against the property upon which the lender has issued a loan. The premium for the Title Insurance Policy is paid once, and the Policy remains in effect for the entire time that the owner owns the property, or in the case of a lender, for the entire term of its mortgage.
What else does Title Insurance do?
The Title Insurance Policy also provides marketability coverage, which means that it also insures that an owner can sell his property free from any claims that would be covered by the Owner’s Title Insurance Policy.
What can Nuñez Law do for me?
Nuñez Law will order title evidence from one of its title underwriters, who will deliver the relevant documents relating to the property to Nuñez Law. Alina Nuñez Esq. personally will examine those documents to determine if title is clean and marketable, or if there are any title defects that must be cured before closing. Nuñez Law then issues a title commitment, and when it is clear that the requirements for delivery of clean and marketable title can be accomplished at or before closing, the closing is scheduled. When the closing has been concluded, our Title Company as agent will issue a Title Insurance Policy, which is delivered a couple of months after closing along with the original recorded Warranty Deed.
Is the Title examination enough?
No, a title examination is only as good as the records that the title underwriter provides. There are a variety of title problems that could arise, and without a Title Insurance Policy, there is no insurance coverage to protect the homeowner or the lender in the event that a title problem occurs. By purchasing a Title Insurance Policy, the risk of any of these potential title problems is passed to the title underwriter, and away from the homeowner or the lender. The kinds of title problems that could occur are numerous, and the following is a list of a few of them:
- Forged documents of ownership
- Deeds signed by mistake or under duress, which are subsequently challenged after closing
- Undisclosed prior mortgages or tax liens that were not satisfied by a previous owner
- A disgruntled partner or spouse challenging a transfer by his or her partner or spouse after the closing
- A misfiled or miss posted document by the clerk’s office which effects the title to the property, but which did not show up in the title records because of the misfiling
- A document being recorded during the “gap” period between the most recent update of title (which may be up to several weeks before closing) and the date of recording of the homeowner’s deed.
Under all of these circumstances, a Title Insurance Policy would insure the homeowner or lender against the claim being made against the title to the property. Without a Title Insurance Policy, the homeowner or lender would have to defend the claim on its own.
Is it a requirement to buy Title Insurance?
Almost every lender requires that a Lender’s Title Insurance Policy be issued, and the cost of that policy is generally borne by the homeowner. A homeowner is not required to purchase its own Owner’s Title Insurance Policy. However, it would be prudent for a homeowner to purchase its own coverage since the Lender’s Title Insurance Policy does not protect the homeowner, and when a mortgage is issued as part of a purchase transaction, the additional cost of issuing the Owner’s Title Insurance Policy is relatively nominal. In a transaction where no lender is involved, it is even more important that a homeowner purchase title insurance, since it is the homeowner’s total investment (as compared to only the down payment when a loan is involved) that is at risk in the event of a title claim. The one time premium for an Owner’s Title Insurance Policy is a very worthwhile investment in the security of your home.
Title Actions for Estate Planning
Establishing clear title to real estate is vital when the property will be transferred by a will or trust. Our estate planning experience allows us to help you ensure your heirs inherit clear titles to family land and homes without the hassles of addressing claims and complaints over ownership.
Attorney Alina Nuñez Esq. provides accurate and professional title and settlement solutions to clients throughout Miami Dade County in the South Florida area.
Accurate and timely title work is essential to all real estate transactions. Attorney Alina Nuñez Esq. can supply a title search on any property within five working days. In addition, you will receive comprehensive tax and lien information as well as appropriate title documentation. Faster response time is always available in critical situations.
Almost all property transactions today require title insurance. We are licensed agents for all of the major title insurance carriers and can supply you with the correct lender’s and owner’s coverages to protect your interests. We also resolve special underwriting problems and provide all necessary title insurance endorsements.
Settlement Services
Whether it is a home sale or home purchase transaction, the closing process is the culmination of everyone’s efforts. The documents and figures must be precise. Large sums of money change hands. We understand the importance of the closing and conduct them in a professional and efficient manner. Whether it is one transaction or a hundred, it is attention to detail that matters. We manage the closing process; obtain closing figures and all necessary written documentation to ensure reasonable and customary closing fees. Our meticulousness provides peace of mind to our clients.
Document Preparation and Execution
As part of the home sale settlement service, Attorney Alina Nuñez Esq. provides legal document preparation. The review for proper execution is an important step in the closing management process that ensures that documents are executed properly for when the property is sold.As part of the home sale settlement service, Attorney Alina Nuñez Esq. provides legal document preparation. The review for proper execution is an important step in the closing management process that ensures that documents are executed properly for when the property is sold.
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We are Located at: 7700 N Kendall Dr, Suite 802, Miami, Florida 33156