Tag Archives: title insurance

Closing Costs Explained Visually

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This video explains some of the basics about closing costs.

At First Title & Abstract, Inc. our Marco Island and Naples offices are dedicated to making sure you understand upfront the estimated costs you will incur for closing.

Purchasing a home is exciting!

However, once escrow begins, the excitement can change to frustration, particularly if you are not ready for the closing costs that quickly accumulate.  Many people make the mistake of only assuming they need the down payment money, and have to rush around town trying to come up with money for the closing fees.

However, you need not be surprised!

Just have your Realtor request from us a preliminary settlement statement reflecting an estimate of your closing costs.

As you may know, closing costs simply refer to the fees associated with the escrow and closing process in a real estate transaction.

Typically, you will incur charges for tax pro-rations, homeowner’s association or condominium fee pro-rations, lender’s fees, including credit check and appraisal fees, points and loan origination charges, and pre-paid escrow fees for your escrow account with the mortgage company. As well, there will be title charges, including the settlement fee, abstract fee, courier and delivery fees, title insurance premiums, and recording costs paid to the clerk of court.

Should you desire a preliminary settlement statement for your closing, just click on the link below and complete some basic information about your sale or purchase. We will provide an estimate for you with no obligation or cost for this service!

At First title & Abstract, Inc. we believe an informed consumer is a happy customer.  All of us stand ready to serve you in your real estate transaction, and look forward to working with you!

Title Insurance Explained Visually

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This video explains why title insurance is one of the most important investments a buyer can make when purchasing real estate.

Often, real estate buyers ask—

“Doesn’t the attorney or settlement company handling the closing see to it that I have clear title? Why do I need to buy title insurance?”

Indeed, a careful title search is performed at the time property changes hands, and title issues are cleared prior to closing. However, on occasion, title defects can arise after the closing which a title search would not reveal. For example, what if a judgment was recorded in the wrong county, but still is valid as against the property? What if there was fraud in signing a deed, two sales ago, which only now is revealed? What if an unknown heir steps forward and claims title to the property?

Title insurance is designed to protect against such unanticipated title issues, and to prevent economic loss.

Whether it is after-discovered title defects, or mistakes made by the title abstractor or clerk of court— without title insurance, a property owner could suffer complete financial loss, and loss of ownership and occupancy rights to the property.

On our Resources Page, we have an article on “The Many Ways to Lose Title to Your Property” unless one has purchased a policy of title insurance.

We highly recommend watching this video, and studying the article on our Resources Page.

Title insurance is only purchased once, and the rates are strictly regulated by state law, with the same amount charged by all title companies and title agents and attorneys within the state.

If you have questions about the amount of coverage you should purchase, and the cost of title insurance, please contact us at our Marco Island or Naples Office at First Title & Abstract, Inc.

We look forward to assisting you in protecting title to your property.