FAQS
 • Who decides which title company/closing agent handles my closing/settlement?
• What are the functions performed and services provided by the closing agent?
• What is meant by "Title?"
• What is Title Insurance?
• What is a Title Search?
• What Title Insurance Protects Against?
• Do I need Title Insurance?
• What is the difference between a Lenders Title Policy and an Owners Policy?
• But the lender already requires Title Insurance, won't that protect me?
• What is meant by a title defect?
• What happens if my home is protected by title insurance and it's challenged?
• How much does Title Insurance cost?
• Should I shop around for the best Title Insurance deal?
• Can Title Quest Investments, LLC handle the closing?
• How long does the closing take?
• Who pays for which expenses at closing?
• What items are needed at closing?
Who decides which title company/closing agent handles my closing/settlement?
By custom, it is your choice as a refinancing owner or a purchaser of the property to select the title company/closing agent.
What are the functions performed and services provided by the closing agent?
It is customary for the closing agent to receive a "title order" from a real estate agent, loan officer, purchaser, or a refinancing owner in preparation of a closing. The closing agent will then order a title search, a location survey (if required), payoff statements, and real estate tax information in preparation of closing. Within a few weeks prior to closing, the closing agent will schedule a closing date with the lender and the parties involved, as well as, clear title and issue title insurance commitments to the respective parties. The day before closing or on the day of closing, the lender will provide final loan instructions to the closing agent along with the lender documentation. Upon receipt of these items, the closing agent will prepare the final HUD-I Settlement Statement and conduct closing with the parties. Generally, the actual closing involves an explanation of the documentation by the closing agent and the acquiring of signatures which takes approximately one hour. In some cases, there may be subsequent adjustments to the HUD-I Settlement Statement or other documentation that will require a longer closing time. At the time of closing or shortly thereafter, the lender will remit funds to the closing agent's escrow account for disbursement.
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What is meant by "Title?"
"Title" is the foundation of ownership property. It means that you have a legal right to possess that property and to use it within the restrictions imposed by authorities or limitations on its use-superimposed on the basic right to possession by previous owners.
What is Title Insurance?
Title insurance is a contract to indemnify against losses arising through defects in the title to real estate. If the title is insurable, the company guarantees against loss due to any defects in title not specifically set forth in the policy. It also pays all expenses in defense of any lawsuit attacking the title as insured.
What is a Title Search?
A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller's right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property.
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What Title Insurance Protects Against:
Here are some of the most common HIDDEN RISKS that can cause a loss of title or create an encumbrance on title:
1. Forged deeds, mortgages, satisfactions or releases of mortgages, and other instruments.
2. Impersonation of the true owners of the land by fraudulent persons.
3. Outstanding prescriptive rights not of record and not disclosed.
4. Undisclosed or missing heirs.
5. Liens from unpaid estate, inheritance, income, and gift taxes.
6. Defective acknowledgment due to lack of authority of notary. (Acknowledgment taken before commission or after expiration of commission.)
7. Descriptions apparently but not actually adequate.
8. Deed from bigamous couple - prior existing marriage in another jurisdiction.
9. Mistake in recording legal documents. (For example, incorrect indexing or errors and omissions in transcribing, and failure to preserve original instruments.)
10. Special assessments where they became lien upon passage of resolution and before recordation or commencement of improvements for which assessed.
11. Recorded easement, but erroneous ancient location of pipe or sewer line which does not follow route of granted easement.
12. Undisclosed divorce of spouse who conveys as sole heir of deceased consort.
13. Deed from record owner of land where he has sold property to another purchaser on unrecorded land contract and the purchaser has taken possession of premises.
14. Tax titles invalid because of irregularity of proceeding, reversal of court decisions, or lack of decisions on points of law.
15. Fraud, duress or coercion in securing essential signatures.
16. Deeds by persons of unsound mind.
17. Invalid, suppressed, undisclosed, and erroneous interpretation of wills.
Do I need Title Insurance?
Most definitely! Title insurance is a means of protecting yourself from financial loss in the event that problems develop regarding the rights to ownership of your property. There may be hidden title defects that even the most careful title search will not reveal. In addition to protection from financial loss, title insurance pays the cost of defending against any covered claim.
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What is the difference between a Lenders Title Policy and an Owners Policy?
A mortgage company will most likely require a title policy for its own protection. This policy protects ONLY the lender and is referred to as the LENDER'S title insurance policy.
HOWEVER, to protect himself/herself against the many possibilities of loss due to title defects, a purchaser should insist upon an OWNER'S title insurance policy. The additional cost of an OWNER'S policy is nominal when purchased at the time of settlement simultaneously with the LENDER'S policy.
But the lender already requires Title Insurance, won't that protect me?
Not necessarily. There are two types of Title Insurance. Your lender likely will require that you purchase a Lender's Policy. This policy only insures that the financial institution has a valid, enforceable lien on the property. Most lenders require this type of insurance, and typically require the borrower to pay for it.
An Owner's Policy on the other hand is designed to protect you from title defects that existed prior to the issue date of your policy. Title troubles, such as improper estate proceedings or pending legal action, could put your equity at serious risk. If a valid claim is filed, in addition to financial loss up to the face amount of the policy, your owner's title policy covers the full cost of any legal defense of your title.
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What is meant by a title defect?
Anything in the entire ownership of a piece of real estate which may encumber the owner's right to the "peaceful enjoyment" of the property or which may cause the owner to lose any portion of the property.
What happens if my home is protected by title insurance and it's challenged?
You notify the title insurance company and they defend the title, even if it goes to court. The title company bears all expenses.
How much does Title Insurance cost?
The one-time premium is directly related to the value of your home. It is a one-time only expense, paid when you purchase or refinance your home. Yet it continues to provide complete coverage for as long as you, or your heirs, own the property.
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Should I shop around for the best Title Insurance deal?
Florida regulates the rates on the premiums for title insurance. The only costs that may differ would be the actual fees, such as search and examination, closing, and other miscellaneous fees such as wire transfers, or courier fee.
Can Title Quest handle the closing?
Yes. We act as a central clearinghouse for the parties involved—collecting necessary documents, insuring adherence to the lender's title instructions, making arrangements for proper payment and distribution of funds. We are fully prepared to work with you from the beginning of your transaction all the way through to conclusion.
How long will the closing take?
A closing usually lasts less than an hour.
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Who pays for which expenses at closing?
Closing costs are customarily, but not always, divided between the buyer and seller, as follows:
Buyer
 Recording Fees - Record Deed: $10.00 first page, $8.50 each additional page;
Record Mortgage: $10.00 first page, $8.50 each additional page
State Documentary Stamp Tax - $0.35 per $100.00 or fraction thereof based on
the amount of the mortgage
Intangible Tax - 2 mils per dollar of exact mortgage amount (approx.
$0.20/hundred)
Termite Inspection – $40 - $100
Survey – $300.00 - $475.00
Lender's Title Insurance Policy - If issued simultaneously with Owner's Policy
Refinances - Variable, depending on production of Prior Owner's Title Insurance
Policy
Endorsements to Lender's Policy - If required by Lender, $25.00 and up
depending on type of endorsement
Express Mail - If applicable, charged to the appropriate party
Seller
State Documentary Stamp Tax for Deed of Conveyance - $0.70 per $100.00 or
fraction thereof
Assessment Search – Between $15.00 - $40.00, depending on City
Owner's Title Insurance Policy - Based on the sales price
Taxes - Current year's real estate taxes are prorated as closing
Title Search, Exam and Closing Fee - Approximately $470.00
*****The above referenced amounts are only estimates*****
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What items are needed at closing?
1. Certified funds or cashier's check in the amount of your closing costs, as per your processor at Title Quest. The check should be make payable to Title Quest Investments, LLC Escrow Account.
2. Proof of personal identification is required. A picture ID, such as a driver's license, state identification card, passport, etc.
3. A new hazard insurance binder for your new home, along with a paid receipt for the first year premium. If refinancing, a new binder is required showing premium and next due date. Make sure the correct loss payee clause is included in your insurance policy; check with your mortgage company. Please bring along the name, address and phone of your insurance agent.
4. Your loan officer may require proof of sale on your previous home, if applicable. This generally includes a copy of the HUD-1 settlement statement and a copy of the warranty deed conveyed.
5. Any unrecorded instrument that affects the title.
6. Proof of satisfaction of any mechanics liens, chattel mortgage, or judgments that were paid prior to the closing.
7. Additional documentation may be required by your mortgage company, such as proof of creditor payoff, gift letter, evidence of deposit, etc. Check with your loan officer for special requirements prior to closing.
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