For most home buyers, buying their home is the largest, most important investment of their lives. It is, therefore, critical to know that the title to the property will be free and clear and therefore marketable. Home buyers often do not know what title insurance provides, what it insures, and whether they need it or not.

Title insurance involves a closing agent (who is either an attorney title agent or a non-lawyer title agent, whichever the buyer believes is the most competent), who researches the public records, examines the property's title, reviews its survey, and searches the parties' names to disclose previous owners, mortgages, judgments, easements, probate and foreclosure proceedings, divorces, tax and construction liens, encroachments or excroachments, and all other matters that could adversely affect title. In other words, the title examination uncovers defects that could jeopardize and prevent a buyer's ability to take clear title to the property. Title insurance insures against hidden defects, such as: forged deeds, homestead issues, undisclosed errors, impersonation, clerical errors at the courthouse, bad legal descriptions, incompetence, etc. In other words, the title examination uncovers defects that could jeopardize and prevent a buyer's ability to take clear title to the property.

A closing agent also determines whether there are any condominium or homeowners' association fees, prepares all of the documentation and works closely with your lender to ensure that all details are performed and completed. These details include making sure the termite inspection, a survey, and a home inspection are ordered, the condominium approval is obtained, and providing all this information not only to the buyer or seller, but also to the buyer's lender.

If any problems or defects are uncovered, then they can be corrected, therefore ensuring that the buyer has a good and marketable title. One should carefully choose a closing agent who is competent to handle all issues, problems and defects that may arise prior to, at or after closing. Non-lawyer title agents are not licensed or trained to correct many title problems.

Title insurance involves a modest one-time premium for coverage and protects the buyer continually even after the buyer re-sells the property. To avoid duplication, an owner's title insurance policy can be issued simultaneously with a lender's policy at little additional cost because most lenders require a policy of their own.

As you can see, title insurance involves much more than just insurance, as it involves a broad array of professional services that benefit the buyer, seller, real estate agent and lender. For the vast majority of people, buying a home is the most important investment of their lives and choosing Barnes Walker to competently handle the closing and most importantly, any problems that may arise, will ensure a smooth and happy closing.

For further information on why title insurance is worth the cost, please contact BARNES, WALKER, GOETHE, PERRON, & SHEA, PLLC, 3119 Manatee Avenue West, Bradenton, Florida, 34205. Telephone: 941-741-8224. Facsimile: 941-741-8225. [email protected]