For the property owner, it is an assurance that they have the house free and clear of any liens other than those they agreed to when the property was purchased by them. The party who sold the house has it all the attention and nobody can claim that they’ve an interest. Promise, or this security, lasts provided that the property is owned by the party. For the lender, it is an assurance that it’s obtained a valid and enforceable lien secured by your property, that nobody else besides those recorded on the policy has a previous request and that the party to who they’re making the loan does own the house being used as collateral for the loan.
This protection remains in effect so long as the loan remains unpaid. The occurrence of a lenders title policy supports lenders such as banks, savings and loan association, commercial banks, life insurance policy coverage bureaus, etc. Since they’re lending other people’s money should the debtor not make their payments. The title company insures the integrity and solvency of the name company backs the assurance and that the title to your house is marketable in the event of foreclosure.
Evidently, everyone is benefited by this from the family homeowner into a high rise building’s proprietor. Before issuing a coverage of name insurance, the name company must review the many records regarding the property financed or being sold. This info is available to anybody who includes your time and patience to spend at your county recorder’s office going throughout the tens of thousands of recorded documents. The purpose of this name search is to clear up all Issues before the new owner takes title or the lender loans money. This is known as RISK ELIMINATION against RISK ASSUMPTION. Samples of the latter are car, life and medical health insurance.
We’re here to help you in all your Florida real estate matters—starting with arriving at decisions that let you feel comfortable. I hope you’ll give us a call!
Millie Gil is Broker-Realtor for Bold Real Estate Group, fluent in English and Spanish with a strong network of Real Estate Professionals Worldwide. Millie says “we are committed to providing a high level of service over and above the customer’s expectations. It is our goal to become your Realtor for life”.
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