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A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller’s right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property.

In Florida it varies per county and can be negotiated in the contract. The seller generally pays for the title insurance and chooses the title/closing company in most Florida counties. The buyer generally pays for title insurance and chooses the title/closing company in the following counties; Sarasota, Collier, Miami Dade and Broward. Request a free, no obligation title insurance rate quote now by clicking here.

Florida title insurance rates are set by the Florida Department of Insurance. A Florida title insurance owner’s policy and a Florida title insurance lender policy are generally issued simultaneously, with the policy of lesser value having only a nominal premium rate.

The scale of Florida title insurance rate premiums is as follows based on the insurance amount:

• Up to $100,000 a rate of $5.75 per $1,000  of insurance;
• Over $100,000 up to $1 Million a rate of $5.00 per $1,000 of insurance;
• Over $1 Million up to $5 Million, a rate of $2.50 per $1,000 of insurance;
• Over $5 Million up to $10 Million, a rate of $2.25 per $1,000 of insurance;
• Over $10 Million, a rate of 2.00 per $1,000 of insurance

Escrow is a process that provides for a fair and equitable transfer of property from one person to another.

Escrow opens when the buyer and seller sign a sales contract, commonly called a Real Estate Purchase Agreement and a deposit is paid. The contract, along with any additional instructions, serves as instructions for the escrow officer in terms of accounting for Escrow and release of Escrow funds.

Escrow assures that the lender releases the home purchase funds at or about the same time that the deed is recorded to reflect new ownership. Escrow includes depositing, with a neutral third party, funds, documents and instructions necessary to complete the transfer.