Kelley Krononberg provides full services for residential real estate transactions. Our residential real estate attorneys guide clients from contract to closing, protect their interests and money at every step. As with everything Kelley Kronenberg does, client service and quick response times are our top priority.
Our law firm offers title, escrow, and closing services for buyers and sellers for about the same cost as a title company. However, Kelley Kronenberg is also equipped with a full real estate law practice to assist if transactions become complicated or a dispute arises.
Our residential real estate attorneys provide resources and options for responding to issues and disputes, eliminating the need for a buyer or seller to hire a third party.
What is title?+
When you own real estate, you have “title” to that property and/or land. “Good title” or “Marketable title” means there are no significant encumbrances or limitations relating to a person’s ownership of that property, such as an IRS tax lien, a judgment or a homeowner’s association lien from a prior owner of the property. If encumbrances are not paid or removed at the time of purchase, they will become the responsibility of the new owner as they continue to attach to the property.
What is title insurance?+
Title insurance is an insurance policy that protects the insured party against any financial loss from defects in the title to the property, such as encumbrances or liens discussed above.
When you are buying real estate, you receive an owner’s title insurance policy issued by a title insurance company or an attorney licensed in the state of Florida. This policy protects your interest as a purchaser and protects you from any prior title defects, unless an exception is noted in your policy.
I hear all these terms being thrown around! What’s the difference between a title/closing/settlement/escrow agent?+
Nothing! Usually, they are all used interchangeably to identify the title company or attorney’s office that holds the escrow funds, writes the title policy, and ensures the closing occurs properly and timely. That said, it’s important to note that while an attorney’s office can serve as a title/closing/settlement/escrow agent in additional to legal services, a title agency/non-attorney title agent cannot provide legal services.
Can I choose my own title agent?+
Customarily, whether the seller or buyer chooses is based on the county where the property is located, but you can always negotiate this as part of the purchase, sale or refinance of your home.
Who pays for title insurance in Florida?+
In Florida, the person responsible for paying title varies per county and can be negotiated in the contract. In most counties, the seller generally pays for the title insurance and chooses the title company. However, the buyer generally pays for title insurance and chooses the title company in the following counties: Sarasota, Collier, Miami-Dade and Broward. While title and closing costs are typically paid by certain parties, all costs are negotiable and can be specific to the contract you sign.
Are you more expensive than a title company?+
No. Title insurance premiums are set by Florida law. Your title insurance premium will be exactly the same price regardless of which agent you choose, as required by law. The closing/title agent’s “closing” or “settlement” fee, and other costs related to closing, may vary, but it is usually minimal. The general assumption is that a law firm or attorney closing agent will cost more, but this isn’t the case.
