Do I need title insurance if I am buying a home in Venice?

Owners Title Policy is something that almost everyone will never need, but if you do need it you are going to be glad you have it.

When you buy your home in Venice FL, you Take Title to it. A Title to real estate is basically the rights of ownership recognized and protect by the law. But others may have rights in the property too, and there are over thirty situations in which title losses can occur. Some examples include:

A forged will or deed
Improper deeds
Deeds by minors or incompetent people
Undisclosed or missing heirs
Fraudulent representatives
Invalid divorces
Falsifications of public records
Lawsuits
Unpaid taxes
Clerical errors in the records
Undiscovered wills
Sellers who misrepresent their marital status

You can protect yourself from all these risks. Title insurance is real estate ownership insurance and title insurance guards the purchaser of real estate against the many possibilities of loss. The title underwriting company defends the policyholder in the event your title, within your policy limit - whether those claims are valid or not. And, should the court of property jurisdiction uphold any of the claims, the title underwriter will pay them.

If you are purchasing a home in Venice Florida and the Seller is making payments to the City of Venice or to Sarasota County (i.e.: for a sewer or public water assessment), those payments cannot be assumed by the Buyer. Any assessment imposed by a municipality is a lien against the property and must be satisfied at closing.

If you will be purchasing a condominium in Venice, please be aware of the possible costs to you as the Buyer. These may include maintenance fees, special assessments, transfer fees and reserve escrow account. The condominium association may also require prior approval of Buyer and sometimes a personal interview may be necessary.

Title insurance assures you that your title search information is accurate and guarantees that your new home is free from liens, protects it against title issues and confusion in prior ownership.

Title insurance is a one-time charge that will last as long as you or your heirs have an interest in the property.

If you have any questions about the home buying process in Venice give me a call, I am happy to answer any questions you may have.