Purchasing a home is often one of the most important financial decisions you will ever make. However, most people are involved with less than a handful of real estate transactions over the course of a lifetime. As a result, you must navigate a decision that will impact you and your family, both financially and emotionally, for decades with limited experience. That’s why it is crucial when buying, selling, or refinancing a home to have top tier real estate and legal professionals on hand. At Kelley Kronenberg, we can guide you from contract to closing, every step of the way, to protect your interests and money.
We offer full title, escrow, and closing services for buyers and sellers. Our experience enables us to complete your title and closing work for about the same cost as your average title company, but are also equipped with a full real estate law practice to assist if the transactions get complicated or a dispute arises. Although booming, the current real estate market can quickly get risky, as it includes foreclosed properties, unpermitted improvements, high demand but low supply, and ever more litigious parties. It has never been more important to fully understand what the role is of your title/escrow/closing agent, and how our firm can suit those needs best.
As both attorneys and title agents, we can serve as advocates, provide legal advice throughout the closing process, and will have a firm understanding of the legal implications of any issues – whether it’s issues with the contract, or problems with the title, survey, or closing documents. Most importantly, unlike a title agency alone, we can provide resources and options for dealing with issues or disputes, if needed, so you do not have to turn to another third party to close the deal. We are a one-stop shop for all your closing needs. As with everything our firm does, client service is our top priority. When choosing Kelley Kronenberg for your real estate needs, you will get the best in expertise and communication. We look forward to closing your next deal!
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.
