What is Title Insurance?
That's a good question! Let's break down the process:
What Is Title?
A title is your ownership right to your property.
What is a Title Search?
A title search is a standard part of the home buying process that is conducted to uncover issues that could prevent your right to the property. Your closing agent reviews public records to see if there are problems or defects that could cause you legal issues.
What is Title Insurance?
If you’re buying a home, title insurance is a policy that protects your investment and property rights.
There are two different types of title insurance: owner’s policy and lender’s policy.
Type 1: An owner’s policy protects your property rights for as long as you own the home.
Type 2: A lender’s policy is usually required by the lender and protects only the lender’s financial interests. The buyer typically pays for this policy, but this varies depending on geography.
Why Should I Purchase Owner’s Title Insurance?
Purchasing owner’s title insurance is a smart decision because it’s the best way to protect your property from future legal claims.
What Does Owner’s Title Insurance Cost?
The one-time payment for owner’s title insurance is low relative to the value of your home. The typical owner’s title insurance policy costs around 0.5% of the home’s purchase price.
How Long Am I Covered?
Your owner’s insurance policy lasts as long as you own your property. Your life will change over time, but your peace of mind never will.
What Happens At Settlement?
You sign the legal documents and receive the keys to your home.
What Is Settlement?
Also known as “closing”; closing is part of the process by which ownership of a property is transferred from one party to another. Completing all the steps necessary for the final contracts to be signed takes about a month, but in some cases, closing can take from 30 to 90 days.
What Are Closing Costs?
Closing costs cover the services required for a property to change hands. Services required to process the property transaction include title work, appraisals, inspections, document preparation, recording fees and other expenses.
Do I Need Owner’s Title Insurance?
Buying a home is one of the biggest decisions and financial investments you’ll ever make. To the extent of the matters set forth in the policy, an owner’s title insurance policy provides certain protections in connection with title mistakes and irregularities that occurred prior to the issuance of the policy. Dollar for dollar, it’s one of the most cost-efficient forms of insurance for homeowners. The relatively low, one-time title insurance premium covers you against pre-policy title defects that could otherwise cost tens of thousands of dollars and even the loss of your home, for as long as you own your home.
What is Escrow?
An escrow is an arrangement in which a neutral third party, called an escrow holder, holds legal documents and funds on behalf of a buyer and seller. The escrow holder distributes funds and documents according to the buyer’s and seller’s instructions. By acting as a neutral third party on behalf of the buyer and seller, the escrow holder can save time and facilitate the real estate closing.
What Do I Need to Bring to Settlement/Closing?
Buyers and sellers need to bring approved photo identification, such as a valid driver’s license. Confirm with your settlement agent about the form in which any money you owe should be submitted.
How Much Are Closing Costs?
Although they vary by state, typically, closing costs total 1% to 2% of the home’s purchase price. Closing costs generally cover:
Mortgage Costs: Loan origination fee, document preparation, points, commitment fee, underwriting fee.
Outside Vendor Costs: Appraisal, credit report, flood determination fee.
Title Costs: ”Closing” Settlement fee, title/abstract search, title insurance premium (for the lender’s and owner’s policies).
Government Fees: Title recording and transfer tax fees.
At closing, you’ll also face the cost for “prepaid items,” which cost another 1% to 2% of the purchase price. The prepaid items usually cover upfront payment of typical “year one” costs of home ownership, such as homeowner’s insurance premiums and real estate taxes.
Crystal L. Curran
Licensed Title Agent and Closing Agent
Crystal L. Curran is an Alachua County native and has been working within the title industry since 2004. As our Licensed Title Agent, she works directly with all parties in the transaction to get everyone to the closing table as quickly and efficiently as possible. She is constantly taking classes and updating office procedure to make sure we exceed industry standards and that we can provide the best possible service for our customers. She has a heart for giving back to the community. She is the Alachua Youth Volleyball president, coaches volleyball, and has started an annual Charity Tournament, Kickin it for a Cause.
Patricia A. Moser
Owner/Broker of Horizon Realty of Alachua, Inc.
Realtor since 1978
Owner/Manager Alachua Title Services, LLC since 2000. Patti provides every buyer, seller, and lender a positive closing experience. Patti’s specialty is using her many years of real estate experience and negotiating skills to solve problems and provide quick solutions.
Kyle comes to Alachua Title Services from the University Athletic Association, where he worked as a part of their equipment staff for four years, primarily with the softball and baseball teams. Kyle graduated from UF with a BA in Business Administration and a Master's Degree in Sport Management.
Alachua Title Services, LLC
16407 NW 174th Dr. Suite C
Alachua, Florida 32615
Phone: (386) 418-8183,,
Phone: | Fax: (386) 418-8186
Alachua Title Services goes above and beyond for all of your title/closing needs. Every transaction I have brought to Alachua Title Services they have worked hard and provided accurate information in a timely manner. The personal care that you receive not only as a Realtor but to the customers (buyer or seller) is a step above the rest! Whether it’s a 2 week closing or a several month transaction Alachua Title Services has the knowledge, tenacity, and over all skills to get the job done!
Andrea Butson - RealtorI’ve had the wonderful opportunity to work with Alachua Title Services, LLC on many transactions. I work extremely hard to provide my clients with the highest quality of service. When I recommend my clients to a title company, it’s of the utmost importance that they receive the same high level of service that I provide. Alachua Title, time and again provides the client satisfaction that a customer deserves. The home buying and selling process isn’t easy and requires patience and care. It also requires knowledge and expertise. When Alachua Title is working with a file that involves one of my transactions, I know I’m in good hands. I highly recommend Alachua Title Services, LLC.
Ben Boukari - RealtorI have worked with Alachua Title Services, LLC for 4 years. I have always been impressed with their commitment, quality and speed. They are clearly an industry leader in delivering competitive rates, comprehensive coverage and a high level of service to their customers. I value my relationship, professionally and personally and am thankful for their extra efforts. They always make my job easier and I thank you for all of your hard work.
Cindy Blanton - Realtor
I have been working with Crystal Curran for almost 15 years, since she started in the title business. Since moving to Alachua Title Services, she has shown that she can get the job done. On a recent transaction, we told her we were ready ASAP. Three days later Alachua Title Services was ready to close and the Buyer wasn’t!!! Crystal always goes above and beyond to solve any concerns. She always answers emails or phone calls in a timely manner, even on the last day of the month! I would highly recommend Alachua Title for all your real estate closing needs.
Robin A. Schwartz - Realtor