insure. The search and examination process is effective as of the document posting date of record, through the local government agencies as determined by Shoreland Title and then a commitment is issued to the buyer and mortgage lender. The commitment serves as the basis for closing and completing the transfer of the real estate interest.
There are many risks such as fraud and forgery which are covered by a title policy, even though in many circumstances these risks may not be disclosed by even the most thorough search and examination of the title. Generally, the policies remain in force for as long as the insured owns the real estate interest covered in the policy and certain aspects of the coverage continue beyond ownership. All these coverages, in some instances, may be limited by other provisions in the title policy issues by our underwriter, and also *Subject to certain limitations set forth by Shoreland Title, please refer to the policy and closing statements for exact language.
Shoreland Title often acts as a neutral third-party settlement facilitator in a real estate transaction. The buyer, seller, and lender all benefit when an impartial third party receives money, record documents and disburses sale and loan proceeds according to instructions agreed upon by all concerned. A settlement facilitator allows different parts of the transaction to happen simultaneously rather than sequentially, thereby speeding up the closing process – the buyer moves in sooner and the seller gets their money faster.
This entire comprehensive list of services and benefits is provided for a modest one-time premium and closing fee. Most of the fees collected cover the costs of eliminating risks. Only a small portion is attributable to insurance losses. The Florida Department of Financial Services regulates both the policy terms and the insurance premiums.
By providing a standardized product that meets the needs of the real estate community at a fair price, Shoreland Title, Inc. is able to assure your real estate business is conducted quickly, efficiently and profitably for all concerned.
Why Title Insurance?
There are a few things in life more important than protecting your home. The following matters are examples of why you need a Title Insurance Policy. Remember that the best title examination or search, cannot protect yourequity and home, from matters not appearing in the public records. However, our Underwriter's Policy* can protect you from the following:
- Documents executed under false, revoked or expired powers of attorney.
- False impersonation of the true land owner.
- Improperly recorded legal documents.
- Prescriptive rights in another not appearing of record and not disclosed by survey.
- Failure to include necessary parties to certain judicial proceedings
- Defective acknowledgements due to improper or expired notarization.
- Corporate franchise taxes as liens on corporate real estate assets.
- Gaps in the chain of title.
- Mistakes and/or omissions resulting in improper abstracting.
- Forged deeds, mortgages, wills, releases of mortgages and other instruments.
- Deeds which appear absolute, but which are held to be equitable mortgages.
- Conveyances by an heir, devisee or survivor of a joint estate who attempts to attain title by ill-gotten means.
- Duress in execution of wills, deeds and instruments conveying or establishing title.
- Issues involving delivery of conveyancing instruments.
- Deeds and wills by persons lacking in legal capacity.
- State inheritance and gift tax liens.
- Demolitions and substandard building liens.
- Administration of estates and probate of wills of missing persons who are presumed deceased.
- Issues of rightful possession of the land.
- Issues concerning the rightful conveyances by corporate entities:
- Deeds and mortgages by foreigners who may lack legal capacity to hold title.
- Legal capacity of foreign personal representatives and trustees.
- Issues involving improper marital status.
- Improper modification of documents.
- Rights of divorced parties.
- Conveyance in violation of public policy.
- Misinterpretation of wills and ancillary instruments.
- Deeds by persons falsely representing their marital status.
- Claims by creditors of a decedent against property improperly conveyed by heirs and devisees.
- Issues concerning unlawful takings by eminent domain or condemnation.
- Real estate homestead exceptions.
- Forfeitures of real property due to criminal acts.
- Issues concerning adoption of children.
- Conveyances and proceedings, affecting rights of military personnel, protected by the Soldiers' and Sailors' Civil Relief Act.
- Issues concerning interests, noted in financial statements filed under Uniform Commercial Code.
- Interests arising by deeds of fictitious parties.
- Lack of jurisdiction or competency of persons in judicial proceedings.
- Community property issues.
- False Affidavits of death or heirship.
- Federal estate and gift tax liens.
(*Subject to certain limitation set forth in the policy by Shoreland Title & Ticor Title.)
Unlike a life insurance company or property and casualty company, which all assume a risk in return for a premium, Shoreland Title will work with the parties to eliminate all known risks prior to completing the transaction. This process of risk elimination is one of the most important services a title insurance company provides. A buyer or mortgage lender needs to know that the seller or borrower is telling them the truth about what they own. Lenders and their investors need to know that they have a legally enforceable mortgage. A policy of title insurance eliminates many financial and legal risks inherent in even the simplest real estate transaction. Buyers and lenders want the benefit of their purchase or loan. They don’t want to be tied up in a court having to provide what they purchased.
In order to discover all potential problems, Chicago Title Insurance Company or Westcor Land Title Insurance Company through Shoreland Title undertakes a thorough search and examination of all relevant public records before closing. All identified matters are then reviewed and those judged relevant are compiled into a report called a commitment to