If you are a party to a real estate contract, selecting a Title Insurance carrier or Closing Agent is a very confusing term
Depending on where you live, there is generally a standard in the community which dictates who selects the closing agent, pays for the owner’s policy, and the title insurance premium. This will be set forth in the real estate sales contract too. For example, if you live in Hillsborough County, it is generally the seller that is making this election and paying the costs associated with them. In Miami-Dade or Leon County, the buyer can typically select and pay for these costs.
If you are picking the title insurance or closing agent in a Florida transaction, there are a few things you should know when selecting them:
- You have full choice in who this agent is. This is your contractual agent. Most of the time a Florida Realtor will recommend someone. You are not required to use this person. For example, some realtors are affiliated with title insurance agents and receive some type of payment for this referral. This can be through an affiliated business arrangement.
- The cost of the title insurance is fixed and set by statute. For example, and as of 2016, lenders policy on a $100,000 mortgage is $575. This is going to cost the same no matter if you use my law firm, a competing law firm, or a national title company the cost should be the same.
- You should feel comfortable with your title insurance provider or closing agent. They will be handling the bulk of your transaction. You should be able to call them and get updates. As you approach closing, they should schedule it with you.
- If you are unable to physically attend many title companies, such as mine, will send a mobile closer to you. Generally this is included in the settlement fee.