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Q: What is Title Insurance?A: Title Insurance protects you against losses due to defects in the title of the property or expenses in legal defense. Your ownership is authenticated and will be promptly defended against any claims, in court if necessary at no cost to you, whether a claim is valid or not. A title insurance policy will protect you and your heirs as long as you have an interest in the property. If a valid claim is made against your title as covered by your policy, the title insurer protects you by bearing the cost of settling the claim should it prove valid, in order to protect your title and keep you in possession of your property. Q: Can a married person purchase property individually?A: Yes, in Florida a married person can acquire (purchase) and convey (sell) property individually. However, in the case of homestead property, the spouse must join in the conveyance.
Q: Can I put my minor children in the title?A: Yes, you can. However, if you decide to sell, since minors lack the capacity to enter legal agreements, a guardian must be appointed by the court of equity. The guardian could be one or both parents or a third party appointed by the court called guardian ad litem. The court gives to this guardian the authority and responsibility to look after the minor's best interests.
Q: If the note is only in my name, why does my spouse have to sign the mortgage?A: If the property is going to be the primary residence of the married couple, then it is necessary for your spouse to sign in acknowledgement that he/she knows that the property is being encumbered and that there is a note that needs to be paid by the borrowers' heirs. In short, someone has to keep on paying the mortgage until it is paid in full.
Q: What are the steps involved in Closing Day?A: Some of the most common requirements prior to closing are listed below. These items need some time allocated to them and the closing date should not be scheduled until all received and approved. These are usually ordered upon final approval since this expense is payable regardless if there is a closing or not. Commonly these are the buyer's cost.
Other important things to remember: |
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