When you buy a home in Florida, whether it’s in Lake City or elsewhere, you’ll have to purchase title insurance.
But what is title insurance, and why do you need it?
What is Title Insurance?
Title insurance provides you (and your lender) with the protection you need against claims someone else may make to property you own.
An owner’s title policy and a lender’s title policy are two different things. An owner’s policy protects you from future claims against your property, while a lender’s policy typically protects the lender’s investment in your property.
Owner’s Title Policies
An owner’s title insurance policy can protect you from cases involving:
- Forgery
- Fraud
- Incorrect signatures
- Problems when the title was recorded
- Restrictive covenants
- Encumbrances or judgments against the property
Lender’s Title Policies
A lender’s title insurance policy (which you will typically have to pay for) can protect your lender from claims arising from:
- Mechanic’s liens
- Unrecorded liens
- Unrecorded easements
- Defects in the title
What’s a Title Search?
A title insurance company (or an attorney) researches a title’s history to find out whether there are any liens against the property, whether something was filed incorrectly, or whether there may be some question about who actually owns the property you’re about to buy.
Title searches begin with the most recent deed and work their way back in time.
How Long is Your Title “Good” After a Title Search?
Your title insurance policy will typically last for the entire time you own the property. When you sell it, the process will start all over again for the new buyer and the new lender.
Are You Moving to Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
In the meantime, check out the most popular Lake City home searches by exploring the links below.
- Waterfront Residential
- Waterfront Land
- Bank-Owned & Foreclosures
- Short Sales
- Paved Road Frontage
- Non-Deed-Restricted Land
- Wooded Oak Tree Land
