Title Insurance Questions

Service-Specific FAQs

Title Insurance

1. What exactly does title insurance protect me from? It protects against financial loss from “hidden defects” such as undiscovered heirs, forged documents, clerical errors in public records, and unreleased mortgages.

2. How long does my coverage last? An Owner’s Policy protects you or your heirs for as long as you have an interest in the property. There are no renewal fees.

3. Why do I need a Lender’s Policy if I have an Owner’s Policy? Most lenders require their own policy to protect their mortgage interest. While an Owner’s Policy protects your equity, the Lender’s Policy only covers the loan amount.

4. Is title insurance a monthly expense? No. Unlike homeowners insurance, it is a one-time premium paid at the time of closing.

5. What are “promulgated rates” in Florida? In Florida, title insurance rates are set by state law based on the purchase price (e.g., $5.75 per $1,000 for the first $100k). This means the base cost is consistent, so you should choose a company based on service and security.

Escrow & Settlement Services

1. What is the role of an escrow agent? We act as a neutral third party that holds all funds and legal documents in trust until every condition of the real estate contract is met.

2. How are my funds protected during the transaction? We use secure, audited accounts and military-grade encryption for all communications to mitigate the risk of wire fraud.

3. What are “prorations”? These are calculations we perform to ensure costs like property taxes and HOA dues are split fairly between the buyer and seller based on the exact day of closing.

4. Can you handle “mail-away” or remote closings? Yes. We coordinate mobile notaries and Remote Online Notarization (RON) so you can close from anywhere in the world.

5. When are the keys officially handed over? Only after we confirm all documents are signed, the title is clear, and the lender has fully funded the transaction.

Property Title Search

1. How deep does a title search go? We examine public records—often going back 30 to 60 years—to verify the “chain of title” and ensure no one else has a claim to your property.

2. What happens if you find a “cloud” on the title? Our team works to “cure” the defect (e.g., tracking down a missing lien release) so the transaction can proceed safely.

3. Does a title search include property taxes? Yes, we verify that all past property taxes are paid in full so the new owner doesn’t inherit the debt.

4. What is a Municipal Lien Search? It is a search for “unrecorded” issues like open building permits, code violations, or unpaid utility bills that a standard title search might not catch.

5. How long does the search process take? Most residential searches are completed within 3 to 5 business days.

Commercial Closings

1. Do you handle complex multi-family or retail assets? Yes, we specialize in high-value commercial transactions, including retail centers, warehouses, and office buildings.

2. How do commercial title searches differ? They often involve deeper entity verification (LLCs, Corporations) and complex easements that require higher-level legal scrutiny.

3. Can you provide specialized endorsements? Yes, we offer endorsements for zoning, environmental protection, and “comprehensive” coverage tailored for commercial lenders.

4. Do you coordinate with corporate counsel? We work seamlessly with your legal and brokerage teams to ensure all corporate resolutions and loan requirements are met.

5. Is there a higher cost for commercial title insurance? While the rates are still state-regulated, the search and administrative fees may vary based on the complexity of the property.

General Services FAQs

1. Why should I choose CrossPoint over a big national firm? We offer the security of top-tier national underwriters but with the boutique, “high-touch” service of a local Florida team that knows South Florida’s unique market.

2. What is the “Reissue Rate” and can I save money with it? If the seller has a title policy that is less than three years old, you may qualify for a discounted rate. Always ask us if your property qualifies!

3. What do I need to bring to my closing? You’ll need a valid government-issued photo ID (like a Driver’s License or Passport) and proof that your funds have been wired.

4. How do I avoid wire fraud? Never trust wire instructions sent via email. Always call our office at a known number to verify instructions before sending any money.

5. What is FIRPTA and does it affect me? If the seller is a “foreign person,” federal law (FIRPTA) requires a portion of the sale proceeds to be withheld. We have experts who handle these complex requirements.

6. Does CrossPoint handle refinances? Yes! We provide the title search and insurance required by your new lender to ensure your refinance closes quickly.

7. What are “Closing Costs” exactly? They include the title insurance premium, search fees, recording fees, and government taxes (Doc Stamps). We provide a detailed “Closing Disclosure” (CD) 3 days before you sign.

8. Can you help with mobile home titles? Yes, we handle the transfer of titles through the Department of Highway Safety and Motor Vehicles (FLHSMV) for mobile homes.

9. When will I receive my actual Deed? After closing, we send the Deed to the County Clerk for recording. You usually receive the original recorded Deed and your Title Policy via mail within 4 to 8 weeks.

10. Do I need an attorney for my Florida closing? While Florida doesn’t require an attorney to close, CrossPoint works closely with legal partners to ensure every document is legally sound and your rights are protected.