Do I Need Title Insurance?

 

Video Summary

It is probably a good idea to obtain title insurance. Title insurance protects the purchaser of a property to ensure that he or she receives marketable title. It also assures that there will be legal egress to a property so the purchaser will have access to the property. Title insurance provides you recourse in the case of an error in the title search. It does not provide any protection to the seller of the property.

If you purchase a home through a mortgage instutition, such as a bank, the lender will require title insurance be held on the property.

On your insurance policy, an examination of Schedule B-2 on the policy will reveal any exceptions under which the property title is not insured. If the city or county has a lein against the property, that should be revealed in Schedule B-2.

For representation when purchasing or selling a property, please give us a call at (727) 847-2288.

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Is My Real Estate Deposit Refundable?

 

Video Summary

The short answer is that whether or not your deposit is refundable depends on the terms of the contract. Hopefully your contract was prepared by a realtor or attorney.
Often real estate contracts contain terms stating under which conditions the deposit can be refunded. One such condition is called a “financing contingency” and allows for refund of the deposit is the potential buyer is unable to secure financing and provides appropriate documentation. A condition may also state that depends on the inspection of the property or in case of damage, a deposit may be refunded.
Additionally, condominium purchases may contain a different set of rules regarding the deposit. A contract to buy a condo may allow for the potential buyer to cancel the contract with a refund upon receipt of the documents pertaining to the condominium association.
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Who Prepares a Real Estate Contract?

 

Video Summary


There are standard residential real estate contracts approved for use by the Florida Associator of Realtors, but it is not recommended that a person undertake to complete such document himself. The documents require much information to be filled in and several decisions to be made regarding the terms of the contract. Generally, a contract is prepared by a realtor or an attorney. The preparer may be working in behalf of either the buying or selling party.

If you would like assistance in preparing a real estate contract, please contact Waller & Mitchell at (727) 847-2288.

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Buying a Home Video Index

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