Residential and Commercial Real Estate Closings in Tampa Bay Florida
Silvestri Law, P.A. provides full closing and title services for residential and commercial real estate transactions throughout Florida, with a focus on the Tampa Bay area. The firm’s agency is authorized to write title under Old Republic National Title Insurance Company through Attorney’s Title Fund Services, LLC. Our closing and title services bring expert legal real estate experience to you, maintaining competitive pricing to that of area title companies.
If you are buying a home or business property, you want to make sure that the property’s title is clear and unencumbered by liens or defects so the transaction can proceed, which is the reason to obtain title insurance.
Title insurance can seem like another one of those mysterious fees buried inside a giant pile of paperwork a real estate buyer receives at the closing. When purchasing a home, business property, or investment property, buyers are purchasing the right, title, and interest in the property—the right to occupy and use that space. An Owner’s title may be limited by claims and rights asserted by others, which may limit the owner’s use and enjoyment of the property. Title insurance protects against these types of title hazards. It’s a form of insurance that protects owners against defects or problems with a title when there is a transfer of property ownership. Title insurance coverage can give owners some peace of mind in the knowledge that they’ll be excused from legal disputes tied to the property prior to their ownership.
A title search is the complete process of reviewing a property’s title. It’s an examination of public records to determine and confirm a property’s legal ownership and to ensure that no defects or conflicts could negatively affect the owner in the future. If the research company doesn’t find any outstanding claims or title defects, why purchase title insurance? It’s still important to have in case of a yet-undiscovered issue that could cause problems with the ownership of the property years after the purchase. Along with this, there might be a mistake in the ownership history, a previously unknown heir, and even an oversight committed by the title researcher. A title defect that arises after a closing could, at the very least, mean a variety of legal costs—and, in a worst-case event, the loss of the buyer’s property and the money the buyer has put into it.
Along with this, title insurance protects you against hidden risks such as fraud and forgery, liens or deeds, things that the title examiner could have missed. It is also the title insurance company’s responsibility to determine the validity of the documents. Title insurance provides long-term protection for an owner’s and a lender’s interest in the property. It simplifies the transfer and closing process all while assisting with the resolution of issues that may weaken the validity of the title to a particular property.
Some think that buying and selling real estate is simple, but it is not. Real estate title has been described as a bundle of sticks because it’s not one solid thing – like say a car title. With a car you have a title for the entire car – and typically you can tell when parts are missing! With real estate you can separate the sticks and it’s not visible. Sticks can be used by others like the utility company who has power lines across your property or a neighbor who can travel across your land to get to theirs. You want to make sure you’re getting all the sticks – at least the ones you are paying for. Your real estate attorney will:
- Examine the title to the property
- Explain and resolve any issues that are found
- Make sure you understand what you are buying or selling
- Make sure you understand your obligations as a buyer or a seller
- Conduct the closing
- Issue title insurance