Title Services
Beach Title Services can assist in your closing whether you are purchasing a new home,
refinancing, or selling your property.
A closing, also known as the settlement, is the final step in your transaction where ownership
of property is transferred from seller to buyer. Before the closing, all parties comply with the terms of the purchase contract. At the actual closing, which takes
about an hour, documents are explained and signed, funds are received and distributed,and the keys to the property are delivered.
Beach Title Services understands the importance of closing on time, so we work attentively to ensure no step is overlooked before closing.
Beach Title Services’ knowledgeable staff understands the nature, requirements and procedures involved in closing commercial transactions. Our on-site attorney is licensed in Florida, Alabama and Georgia
to assure all closing and legal issues are handled correctly and efficiently.
A title search is a thorough examination of all public records that pertain to a property, its ownership and limitations of use. The search seeks to verify the seller's true interest
in the title and discover any claims, defects, liens or burdens on the property. Possible problems could be unpaid taxes, unsatisfied mortgages, judgments
against buyers/sellers or land use limitations. Overall, the search seeks to protect everyone
involved in the property transaction since problems with real estate are transferred with the ownership.
At Beach Title Services, a title search is one of the first steps we take to make your transaction close on time.
Unlike casualty insurance, title insurance protects from events that occurred in the past. Title insurance shields against financial loss due to adverse claims or hidden interests
in the property. Examples include recording errors, missed heirs or forgeries. Title insurance will defend against a lawsuit or reimburse the insured for monetary loss incurred up to the coverage amount of the policy.
There are two types of title insurance: the Owner’s Policy and the Lender’s Policy. Both policies are required for most mortgages. The Owner’s Policy protects the interest of the real estate owner; in Florida, the property seller typically
pays the premium for the buyer’s Owner’s Policy. The Lender’s Policy protects the interests of the lenders and is assurance that the borrower had clear title to the property; the buyer generally pays the premium for the Lender’s Policy.
Generally,the cost of title insurance is about one percent of the value of the property. Title insurance is a one-time cost, not an annual premium. The insurance coverage extends
as long as you have an interest in the property.
Beach Title Services is an agent of Chicago Title Insurance Company, Westcor Land Title Company, and Attorneys' Fund Services, LLC.
Escrow is a legal arrangement in which a neutral third party becomes the safe keeper of all monies, instructions and legal documents for a transaction. In real estate transactions,
the Purchase and Sale Agreement serves as the primary escrow instructions for the buyer and seller. Beach Title Services will handle the monies and documents as prescribed by each contract’s mutually agreed upon instructions.
In the event of a disagreement, the escrow can only be amended, changed, or revoked by mutual agreement of the parties to the escrow. The escrow agent is not authorized to comply with any instructions or demands of any third person who is not a party to the escrow.
As your escrow agent, Beach Title Services will coordinate closing activities and ensure all contingencies of the contract are met. Once all closing conditions are satisfied, the transfer of property, money, and documents is completed, and the escrow is closed.