| Q: What is title insurance? |
 | Title insurance is insurance that protects your
ownership interest in real estate, both residential and commercial. It protects your
investment from losses that occur from a defect in title that may be discovered at a later
date, or from any encumbrances or claims from third parties that are not discovered until
after closing. |
|
Title insurance is a one time charge that provides protection for your residential or
commercial investment. Banks Title Agency will provide title insurance on your real
estate purchase. |
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Banks Title Agency will also coordinate the closing for all parties; the buyer, the seller, the lender
and the realtor; and facilitate a prompt and efficient closing of the real estate transaction. |
|
| Q: How much does title
insurance cost? |
|
Probably a lot less that you believe. Charges vary in different sections of the country, but generally
the cost of title insurance (including search, examination and related services) amounts to about
one percent of the cost of the property. And unlike other insurance premiums, which must be paid
annually, a title insurance premium is paid one time only at the settlement. Banks Title Agency
would be happy to provide you with a full quote. |
| Banks Title Agency
employs a 100% price matching guarantee! |
|
| Q: Do I have to get a new survey on my property when
refinancing? |
|
You will have to get a new survey on the property if improvements have been
made since the last survey was completed. A new survey must be provided
after improvements have been made on the property to reflect a new footprint
of the property and to properly insure your and your lender's investments. |
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| Q: I am Refinancing: Do I need a New Title Policy? |
|
When you refinance you are acquiring a new loan, even if you stay with your initial lender.
Your lender will require title insurance to protect their investment in the property. Even
if you recently purchased or refinanced your home, there could be some problems that could
occur with the title. For instance, you might have incurred a lien from a contractor who
claims he has not been paid. Or you might have a judgment placed on your house due to unpaid
taxes, homeowners association dues, or child support. The lender needs reassurance that the
title to the property they are financing is clear. Banks Title Agency will provide the title
on your refinance property promptly. |
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| Q: I am buying a newly built home, do I need title
insurance? |
|
Construction of a new home raises special title problems for the lender and owner. You may believe
that you are the first owner when building a home on a purchased lot. However, there were most
likely many prior land owners. A title search will uncover any existing liens and a survey
will determine the boundaries of the property. In addition, a builder may fail to pay subcontractors
or suppliers. This could result in a lien on your property. Banks Title Agency will issue the
owner's title insurance that will protect you against these potential problems and the insurance
policy will pay for any legal fees involved in defending a claim. |
|
| Q: I am an Investor, can you advise me of the different
tax options that are available to me with respect to my real estate
transaction? |
|
Banks Title Agency has many resources for Investors. We have a Division that is highly
experienced in dealing with uncommon financing and tax issues. Banks Title Agency works
with a highly trained 1031 Exchange specialist that will assist you and your CPA to find
the best solutions for your needs. |
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| Q: When I purchase a home do I get to pick which title
company I would like to use? |
|
Depending on which County you live in, will determine the protocol for who typically chooses
the title provider. If you live in Palm Beach County, the Seller typically chooses the
title company. In Broward and Dade Counties, the Buyer chooses the title company.
However, it is in your best interest to add into the contract that YOU choose Banks
Title Agency. It puts you in charge and lets Banks Title Agency “go to bat” for you! |
