Q. Do I need an attorney when buying or selling real estate?
Unlike other states, it is not required that an attorney conduct your closing. It’s rare that issues arise requiring an attorney. But, when they do, typically, you are then referred to another attorney as it may be considered a conflict of interest for the title attorney to represent you in negotiation or litigation. If you are more comfortable working with an attorney we certainly encourage you to do so. Keep in mind, you may incur additional expenses when hiring an attorney but your peace of mind may be worth the price.
Q. Are title companies qualified to handle real estate closing?
Yes. State licensing and continuing education is required for a title company to be and remain in business. A bond must be posted with the State and other insurance requirements are mandatory. The sole purpose of a title insurance company is to close real estate transactions and issue title insurance for insurable transactions. Title companies are VERY experienced with the process; it’s all they do.
Q. Who pays for the title insurance?
For a sale and purchase transaction that would be spelled out in the contract.
For a refinance transaction it is typically the borrower who pays for the lender’s title insurance policy.
Q. What other costs might I incur?
Try our calculators under the SERVICES section for an ESTIMATE of costs you might incur.
Q. I heard I might be entitled to a “re-issue credit”. What does that mean?
Florida Department of Insurance allows for reissue credits under certain circumstances. For example, when a prior policy can be found, reissue credits are given on refinance transactions and sales/purchase transactions when the seller purchased an owners title policy within the last 3 years.
It is our policy to ask for a copy of the Owner’s Title Insurance Policy on every transaction to determine whether or not we can issue the credit. The credit can be several hundreds of dollars so we make every effort to obtain a copy of your policy if you can’t find it.
Q. Must I attend the closing?
It is advisable but not necessary. Many of our clients are out-of-towners so we often use overnight couriers. Email can be used on a case-by-case basis, however there is a higher potential for fraud so we discourage email whenever possible. We also can accept a Power of Attorney, if approved by the lender, but we prefer to have our clients sign their own documents if possible.
Q. Can you take a personal check?
Florida law allows us to accept a personal check up to $500.00. Anything over $500.00 must be presented in the form of a cashier’s check, certified check, official bank check or preferably wired to our account. We do not charge a fee for incoming wires so please ask for wiring instructions.
Q. How do I apply for homestead exemption and when must it be done?
Initial application should be made in person at the property appraiser's office. Every person who has legal or equitable title to real property in the State of Florida and who resides on the property as of January 1 and in good faith makes it his or her permanent home is eligible for a homestead exemption. Generally, initial application for property tax exemption must be made between January 1 and March 1 of the year for which the exemption is sought. See “Homestead Exemption” under LINKS OF INTEREST.
Q. Can you do a 1031 closing?
Yes, we are experienced in the nuances of 1031 exchanges and are happy to assist in the
process.
Sarasota Title Services, Inc.
3380 Magic Oak Lane
Sarasota, FL 34232
(941)954-8881
Fax (941) 954-8882
Sarasotatitle@comcast.net
