Title Insurance in Florida

Posted on: November 4, 2013

Florida Statute §624.608 defines title insurance as “[i]nsurance of owners of real property or others having an interest in real property or contractual interest derived therefrom, or liens or encumbrances on real property, against loss by encumbrance, or defective titles, or invalidity, or adverse claim to title.” Our Ft. Lauderdale real estate law firm provides title examination and insurance. It is important to eliminate risk and prevent losses that may be caused by defects in title for both luxury residential and commercial properties.

A standard title insurance policy will commonly provide protection against erroneous legal descriptions, lack of capacity of a party in the chain of title, encumbrances or judgments missed on the title search, fraud or duress in executing instruments, lack of access to the property, failure to properly record deeds and other instruments, and forgery and impersonation. An owner’s financial interest is protected against matters provided for in the policy. Title insurance will defend against a lawsuit attacking the title or reimburse the insured for the actual monetary loss incurred up to the amount provided by the policy.

On the other hand, a standard policy will commonly not protect against claims not apparent from the public records such as claims of parties in possession not shown by the public records, matters which would have been shown by an accurate and timely survey, and unrecorded matters such as easements. Title insurance provides a guarantee of ownership in the property and protects against unknown claims that may arise. Title insurance is based on events in the past and insures the validity and priority of the interests of the owner. The luxury real estate attorneys at Schecter Law will be thorough in your title examination and insurance needs.