• 5237 Summerlin Commons Blvd., Suite 116 Ft. Myers, FL 33907
  • (239) 278-3777

Frequently asked questions

Your Title Insurance
Questions, Answered.

Welcome to our Frequently Asked Questions page. Here, you’ll find clear answers to the most common questions about title insurance, closings, and working with Team Title Insurance Agency.

Absolutely! Title insurance is a means of protecting yourself from financial loss in the event that problems develop regarding the rights to ownership of your property. There may be hidden title defects that even the most careful title search will not reveal. In addition to protection from financial loss, title insurance pays the cost of defending against any covered claim.

A title is the evidence, of right, that a person has to the ownership and possession of land. It is possible that someone other than the owner has a legal right to the property. If that right can be established, this person can claim the property outright or make demands on the owner as to its use.

Any number of problems that remain undisclosed after even the most meticulous search of public records can make a title defective. These hidden “defects” are dangerous because you may not learn of them for many months or years. Yet they could force you to spend substantial sums on a legal defense, and still result in the loss of your property.

Your lender will require that you purchase a Lender’s Policy. This policy only insures that the financial institution has a valid, enforceable lien on the property. Most lenders require this type of insurance, and typically require the borrower to pay for it.

An Owner’s Policy on the other hand is designed to protect you from title defects that existed prior to the issue date of your policy. Title problems, such as improper estate proceedings or pending legal action, could put your equity at serious risk. If a valid claim is filed, in addition to financial loss up to the face amount of the policy, your owner’s title policy covers the full cost of any legal defense of your title.

Title insurance rates in Florida are $5.75 per thousand for the first $100,000, then $5.00 per thousand up to $1 million of coverage.  
 

If a prior owner's policy exists, reissue rates are charged. The Reissue Rate for an owner's policy, a leaseholder's policy, or a lender's policy is $3.30 per thousand for the first $100,000, then $3.00 per thousand up to $1 million of coverage.  

Simultaneous issue rates apply when an owner's policy and a lender's policy are issued at the same time, within the same transaction on the same insurer. The owner's rates are that of the original owner coverage: $5.75 per thousand for the first $100,000, then $5.00 per thousand up to $1 million of coverage. 
Buyer:
  • Valid photo identification such as driver's license, passport, or other state/government issued identification card
  • Any closing funds should be wired to the title company prior to closing. Always confirm these instructions verbally with the closer, and be aware they will never change. 
 
Seller: 
  • Valid photo identification such as driver's license, passport, or other state/government issued identification card
  • Copy of any keys, garage door opener, or any other items that need to be transferred to the new owner